Advisors Asset Management Inc. Has $5.56 Million Stock Holdings in Rio Tinto PLC $RIO

Advisors Asset Management Inc. decreased its position in Rio Tinto PLC (NYSE:RIO) by 7.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,247 shares of the mining company’s stock after selling 6,857 shares during the period. Advisors Asset Management Inc.’s holdings in Rio Tinto were worth $5,561,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Capital Advisors Inc. OK boosted its stake in Rio Tinto by 20.6% during the third quarter. Capital Advisors Inc. OK now owns 520,428 shares of the mining company’s stock worth $34,353,000 after buying an additional 89,069 shares in the last quarter. QSM Asset Management Ltd bought a new position in shares of Rio Tinto during the 3rd quarter worth about $11,509,000. Campbell & CO Investment Adviser LLC boosted its position in shares of Rio Tinto by 479.6% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 144,553 shares of the mining company’s stock valued at $9,542,000 after acquiring an additional 119,614 shares in the last quarter. Synergy Asset Management LLC increased its stake in Rio Tinto by 272.2% in the third quarter. Synergy Asset Management LLC now owns 205,418 shares of the mining company’s stock valued at $12,712,000 after acquiring an additional 150,234 shares during the period. Finally, Assetmark Inc. increased its stake in Rio Tinto by 8.1% in the second quarter. Assetmark Inc. now owns 70,330 shares of the mining company’s stock valued at $4,102,000 after acquiring an additional 5,259 shares during the period. Institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Morgan Stanley cut Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 28th. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Erste Group Bank upgraded Rio Tinto from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $97.86 on Friday. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $100.33. The business has a fifty day simple moving average of $84.91 and a 200 day simple moving average of $72.61. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

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.