Oppenheimer Asset Management Inc. Sells 60,306 Shares of Rio Tinto PLC $RIO

Oppenheimer Asset Management Inc. lowered its position in Rio Tinto PLC (NYSE:RIO) by 41.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,006 shares of the mining company’s stock after selling 60,306 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Rio Tinto were worth $5,545,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RIO. Spire Wealth Management raised its holdings in shares of Rio Tinto by 4.2% in the third quarter. Spire Wealth Management now owns 4,258 shares of the mining company’s stock worth $281,000 after buying an additional 173 shares during the period. Cornerstone Wealth Management LLC increased its position in shares of Rio Tinto by 2.7% during the third quarter. Cornerstone Wealth Management LLC now owns 6,620 shares of the mining company’s stock worth $437,000 after acquiring an additional 174 shares during the period. Salomon & Ludwin LLC raised its stake in shares of Rio Tinto by 62.2% during the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after acquiring an additional 181 shares in the last quarter. Hamilton Point Investment Advisors LLC boosted its holdings in shares of Rio Tinto by 0.4% in the third quarter. Hamilton Point Investment Advisors LLC now owns 42,206 shares of the mining company’s stock valued at $2,786,000 after purchasing an additional 182 shares during the period. Finally, Americana Partners LLC grew its stake in Rio Tinto by 1.2% in the third quarter. Americana Partners LLC now owns 15,988 shares of the mining company’s stock worth $1,055,000 after purchasing an additional 195 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Citigroup reissued a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. Erste Group Bank raised shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, Argus lifted their price objective on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, Rio Tinto presently has an average rating of “Moderate Buy” and an average target price of $85.00.

Rio Tinto Trading Up 0.4%

RIO opened at $97.19 on Wednesday. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $98.60. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The business’s fifty day simple moving average is $83.93 and its 200 day simple moving average is $72.24.

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.