Rio Tinto PLC $RIO Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC lessened its stake in shares of Rio Tinto PLC (NYSE:RIO) by 22.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,603 shares of the mining company’s stock after selling 9,859 shares during the quarter. Private Advisor Group LLC’s holdings in Rio Tinto were worth $3,228,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Shrier Wealth Management LLC purchased a new stake in Rio Tinto in the 4th quarter worth approximately $1,280,000. QSM Asset Management Ltd lifted its stake in shares of Rio Tinto by 32.1% during the 4th quarter. QSM Asset Management Ltd now owns 230,700 shares of the mining company’s stock worth $18,463,000 after purchasing an additional 56,000 shares during the period. D.A. Davidson & CO. lifted its stake in shares of Rio Tinto by 16.7% during the 4th quarter. D.A. Davidson & CO. now owns 124,182 shares of the mining company’s stock worth $9,938,000 after purchasing an additional 17,786 shares during the period. Cinctive Capital Management LP acquired a new stake in shares of Rio Tinto during the third quarter worth $4,007,000. Finally, Oak Harvest Investment Services acquired a new stake in shares of Rio Tinto during the fourth quarter worth $15,210,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Key Rio Tinto News

Here are the key news stories impacting Rio Tinto this week:

• Neutral Sentiment: Jefferies maintained its Hold rating on Rio Tinto, offering no fresh catalyst to change the stock’s direction. Jefferies Sticks to Its Hold Rating for Rio Tinto (RIO)
• Neutral Sentiment: Rio Tinto ended its partnership in Sovereign Metals’ Malawi project after declining an option to become operator, with the company citing a shift in corporate strategy and a review of its iron and titanium business. Rio Tinto concludes partnership in Sovereign’s Malawi project
• Neutral Sentiment: Related coverage says Sovereign Metals will now pursue its Kasiya project more independently and refocus on a US critical minerals strategy after Rio Tinto stepped back, which suggests Rio is narrowing its exposure rather than expanding it. Sovereign Metals plans US strategic minerals pivot for Kasiya project as Rio Tinto passes on project option
• Neutral Sentiment: Rio Tinto also appeared in broader market commentary showing miners under pressure in London trading, which may be adding to weakness in the shares. FTSE 100 Live: Shell and consumer giants make gains, while miners and defence sell off

Analyst Upgrades and Downgrades

RIO has been the subject of several analyst reports. Argus set a $120.00 target price on Rio Tinto in a research note on Monday, April 27th. Sanford C. Bernstein raised their price target on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research note on Monday, April 27th. DZ Bank upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Finally, Royal Bank Of Canada lowered shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rio Tinto has an average rating of “Hold” and a consensus target price of $101.75.

Rio Tinto Stock Down 2.5%

RIO stock opened at $88.97 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. The business has a fifty day simple moving average of $101.64 and a 200-day simple moving average of $94.99. Rio Tinto PLC has a 52 week low of $58.15 and a 52 week high of $112.58.

Rio Tinto Company 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.