Grassi Investment Management increased its position in Rio Tinto plc (NYSE:RIO) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 162,263 shares of the mining company’s stock after acquiring an additional 2,475 shares during the quarter. Rio Tinto comprises about 1.4% of Grassi Investment Management’s investment portfolio, making the stock its 20th biggest position. Grassi Investment Management’s holdings in Rio Tinto were worth $8,589,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd raised its holdings in Rio Tinto by 18.8% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 9,500 shares of the mining company’s stock worth $402,000 after acquiring an additional 1,503 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Rio Tinto by 124.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock worth $51,543,000 after purchasing an additional 605,170 shares during the period. Private Advisor Group LLC increased its holdings in shares of Rio Tinto by 23.5% during the 3rd quarter. Private Advisor Group LLC now owns 15,436 shares of the mining company’s stock worth $740,000 after purchasing an additional 2,936 shares during the period. AlphaStar Capital Management LLC bought a new position in shares of Rio Tinto during the 3rd quarter worth about $288,000. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Rio Tinto by 9.1% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 46,877 shares of the mining company’s stock worth $2,212,000 after purchasing an additional 3,910 shares during the period. Hedge funds and other institutional investors own 7.24% of the company’s stock.
Several research analysts have recently issued reports on the stock. Cowen set a $47.00 price objective on shares of Rio Tinto and gave the stock a “hold” rating in a report on Monday, October 16th. JPMorgan Chase & Co. downgraded shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Thursday, December 14th. Societe Generale upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a report on Wednesday, November 8th. Citigroup restated a “buy” rating on shares of Rio Tinto in a report on Tuesday, December 5th. Finally, Zacks Investment Research downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. Rio Tinto presently has an average rating of “Hold” and an average target price of $55.09.
Shares of Rio Tinto plc (RIO) opened at $56.52 on Friday. Rio Tinto plc has a 52 week low of $37.66 and a 52 week high of $57.78. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.71 and a quick ratio of 1.34.
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Rio Tinto Profile
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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