Oppenheimer Asset Management Inc. Sells 60,306 Shares of Rio Tinto PLC $RIO

Oppenheimer Asset Management Inc. reduced its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 41.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 84,006 shares of the mining company’s stock after selling 60,306 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Rio Tinto were worth $5,545,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Aegis Wealth Management LLC grew its position in shares of Rio Tinto by 20.0% during the 3rd quarter. Aegis Wealth Management LLC now owns 12,000 shares of the mining company’s stock valued at $792,000 after acquiring an additional 2,000 shares during the period. Smartleaf Asset Management LLC lifted its position in Rio Tinto by 16.2% during the third quarter. Smartleaf Asset Management LLC now owns 8,797 shares of the mining company’s stock valued at $580,000 after purchasing an additional 1,225 shares in the last quarter. Prime Capital Investment Advisors LLC grew its holdings in Rio Tinto by 1.7% during the third quarter. Prime Capital Investment Advisors LLC now owns 27,311 shares of the mining company’s stock valued at $1,803,000 after purchasing an additional 468 shares during the period. HighPoint Advisor Group LLC purchased a new stake in Rio Tinto in the third quarter worth about $204,000. Finally, Bessemer Group Inc. raised its stake in shares of Rio Tinto by 14.8% in the third quarter. Bessemer Group Inc. now owns 3,846 shares of the mining company’s stock worth $254,000 after buying an additional 496 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RIO shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday, December 29th. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Morgan Stanley cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 28th. Finally, HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, Rio Tinto currently has an average rating of “Moderate Buy” and an average target price of $85.00.

Rio Tinto Stock Up 0.4%

RIO opened at $97.19 on Wednesday. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $98.60. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The company has a fifty day moving average of $83.93 and a 200 day moving average of $72.24.

Rio Tinto Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.