TT Capital Management LLC Cuts Stock Position in Rio Tinto PLC $RIO

TT Capital Management LLC decreased its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 95.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,284 shares of the mining company’s stock after selling 73,233 shares during the quarter. TT Capital Management LLC’s holdings in Rio Tinto were worth $217,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RIO. Salomon & Ludwin LLC raised its position in shares of Rio Tinto by 62.2% during the 3rd quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after buying an additional 181 shares in the last quarter. Root Financial Partners LLC purchased a new position in Rio Tinto in the third quarter worth about $36,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Rio Tinto during the second quarter worth approximately $38,000. MTM Investment Management LLC purchased a new stake in Rio Tinto during the second quarter valued at approximately $43,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in Rio Tinto during the second quarter valued at approximately $53,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RIO shares. HSBC cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Monday, January 26th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Erste Group Bank upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Finally, Argus raised their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $85.00.

Rio Tinto Trading Up 0.1%

Shares of Rio Tinto stock opened at $98.03 on Friday. 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 stock’s fifty day moving average is $85.41 and its two-hundred day moving average is $72.93. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $100.33.

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.