16,672 Shares in Rio Tinto PLC $RIO Purchased by Sterling Investment Management LLC

Sterling Investment Management LLC acquired a new position in Rio Tinto PLC (NYSE:RIO) during the third quarter, according to its most recent filing with the SEC. The firm acquired 16,672 shares of the mining company’s stock, valued at approximately $1,101,000.

Several other large investors have also added to or reduced their stakes in the stock. Kingstone Capital Partners Texas LLC bought a new position in shares of Rio Tinto in the 2nd quarter worth approximately $292,770,000. Marshall Wace LLP bought a new stake in Rio Tinto during the 2nd quarter valued at about $49,089,000. Bank of Montreal Can lifted its stake in shares of Rio Tinto by 71.7% in the second quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock worth $108,238,000 after buying an additional 774,851 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Rio Tinto by 4.2% during the second quarter. Fisher Asset Management LLC now owns 18,562,934 shares of the mining company’s stock valued at $1,082,776,000 after acquiring an additional 752,505 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Rio Tinto by 555.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 524,602 shares of the mining company’s stock valued at $30,600,000 after acquiring an additional 444,602 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Up 0.2%

RIO opened at $80.55 on Wednesday. The stock has a 50-day moving average of $73.38 and a 200 day moving average of $66.14. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $82.36.

Analysts Set New Price Targets

Several brokerages recently issued reports on RIO. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research report on Tuesday, December 16th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a report on Monday, December 1st. Argus increased their price objective on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $79.00.

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.