Cibc World Market Inc. Purchases 6,976 Shares of Rio Tinto PLC $RIO

Cibc World Market Inc. increased its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 7.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 102,287 shares of the mining company’s stock after purchasing an additional 6,976 shares during the period. Cibc World Market Inc.’s holdings in Rio Tinto were worth $6,752,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of RIO. Salomon & Ludwin LLC increased its holdings in shares of Rio Tinto by 62.2% during the 3rd quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after acquiring an additional 181 shares during the last quarter. Root Financial Partners LLC bought a new position in Rio Tinto during the third quarter worth $36,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Rio Tinto in the second quarter valued at $38,000. MTM Investment Management LLC bought a new position in shares of Rio Tinto in the second quarter valued at about $43,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in shares of Rio Tinto during the 2nd quarter worth about $53,000. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Performance

Rio Tinto stock opened at $98.03 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The stock’s fifty day moving average price is $85.41 and its two-hundred day moving average price is $72.86. Rio Tinto PLC has a one year low of $51.67 and a one year high of $100.33.

Analysts Set New Price Targets

RIO has been the topic of a number of research reports. HSBC lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Citigroup raised Rio Tinto to a “hold” rating in a report on Tuesday. Erste Group Bank raised Rio Tinto from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, Morgan Stanley cut Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 28th. Three 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 company. Based on data from MarketBeat.com, Rio Tinto presently has an average rating of “Moderate Buy” and an average target price of $85.00.

Rio Tinto 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.