New York State Common Retirement Fund Purchases Shares of 51,341 Rio Tinto PLC $RIO

New York State Common Retirement Fund acquired a new position in Rio Tinto PLC (NYSE:RIO) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 51,341 shares of the mining company’s stock, valued at approximately $3,389,000.

Several other institutional investors have also recently made changes to their positions in RIO. Marshall Wace LLP bought a new position in Rio Tinto in the 2nd quarter worth approximately $49,089,000. Bank of Montreal Can boosted its position in shares of Rio Tinto by 71.7% during the second quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock worth $108,238,000 after acquiring an additional 774,851 shares during the last quarter. Fisher Asset Management LLC boosted 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 worth $1,082,776,000 after acquiring an additional 752,505 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Rio Tinto by 555.8% during the second 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 in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Rio Tinto by 198.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 282,112 shares of the mining company’s stock valued at $16,456,000 after acquiring an additional 187,544 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Up 2.5%

Shares of RIO stock opened at $93.42 on Friday. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $98.60. The stock’s 50 day simple moving average is $82.93 and its two-hundred day simple moving average is $71.72. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

Analysts Set New Price Targets

RIO has been the subject of several research reports. Citigroup reissued a “hold” rating on shares of Rio Tinto in a report on Monday, November 17th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Argus raised their price target on Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Erste Group Bank raised Rio Tinto from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Morgan Stanley downgraded Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 28th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $85.00.

About Rio Tinto

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.