Envestnet Asset Management Inc. Has $30.79 Million Stock Holdings in Rio Tinto PLC (NYSE:RIO)

Envestnet Asset Management Inc. decreased its stake in shares of Rio Tinto PLC (NYSE:RIO) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 512,401 shares of the mining company’s stock after selling 65,474 shares during the period. Envestnet Asset Management Inc.’s holdings in Rio Tinto were worth $30,785,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RIO. Traveka Wealth LLC acquired a new position in shares of Rio Tinto during the first quarter worth approximately $200,000. Concurrent Investment Advisors LLC raised its position in Rio Tinto by 12.0% in the 1st quarter. Concurrent Investment Advisors LLC now owns 4,297 shares of the mining company’s stock worth $258,000 after purchasing an additional 459 shares during the last quarter. World Investment Advisors lifted its holdings in Rio Tinto by 14.4% during the 1st quarter. World Investment Advisors now owns 8,524 shares of the mining company’s stock worth $513,000 after buying an additional 1,074 shares in the last quarter. Wayfinding Financial LLC bought a new position in Rio Tinto in the 1st quarter valued at $30,000. Finally, Pacific Heights Asset Management LLC increased its stake in shares of Rio Tinto by 300.0% in the 1st quarter. Pacific Heights Asset Management LLC now owns 300,000 shares of the mining company’s stock valued at $18,024,000 after buying an additional 225,000 shares during the period. Institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RIO shares. Berenberg Bank reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Wall Street Zen lowered shares of Rio Tinto from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 28th. Morgan Stanley cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, April 9th. Jefferies Financial Group restated a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Finally, DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Rio Tinto currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Stock Down 2.1%

Shares of NYSE RIO opened at $59.83 on Tuesday. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.13 and a current ratio of 1.63. The stock has a market cap of $75.02 billion, a P/E ratio of 9.28 and a beta of 0.66. The firm has a 50 day moving average price of $59.50 and a 200 day moving average price of $60.07.

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.