Rio Tinto PLC (NYSE:RIO) Shares Sold by Modera Wealth Management LLC

Modera Wealth Management LLC cut its stake in shares of Rio Tinto PLC (NYSE:RIO) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 64,385 shares of the mining company’s stock after selling 1,520 shares during the period. Modera Wealth Management LLC’s holdings in Rio Tinto were worth $3,868,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Blair William & Co. IL boosted its position in shares of Rio Tinto by 42.1% during the 4th quarter. Blair William & Co. IL now owns 17,493 shares of the mining company’s stock worth $1,029,000 after purchasing an additional 5,182 shares during the period. Norges Bank acquired a new position in Rio Tinto during the fourth quarter worth $432,000. Brown Brothers Harriman & Co. boosted its position in shares of Rio Tinto by 148.5% during the fourth quarter. Brown Brothers Harriman & Co. now owns 2,092 shares of the mining company’s stock worth $123,000 after buying an additional 1,250 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Rio Tinto by 119.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 250,555 shares of the mining company’s stock worth $14,735,000 after buying an additional 136,396 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of Rio Tinto by 3.2% in the fourth quarter. Schroder Investment Management Group now owns 32,258 shares of the mining company’s stock valued at $1,890,000 after buying an additional 1,009 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RIO shares. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday. Barclays reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Wall Street Zen lowered Rio Tinto from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Berenberg Bank restated a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Monday, July 14th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Stock Performance

Shares of RIO stock opened at $59.62 on Thursday. The company has a market cap of $74.77 billion, a P/E ratio of 9.24 and a beta of 0.66. The firm has a fifty day moving average price of $59.58 and a 200 day moving average price of $60.31. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08.

Rio Tinto Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.