CIBC Asset Management Inc Makes New $724,000 Investment in Rio Tinto PLC $RIO

CIBC Asset Management Inc acquired a new position in shares of Rio Tinto PLC (NYSE:RIO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,042 shares of the mining company’s stock, valued at approximately $724,000.

A number of other institutional investors have also recently bought and sold shares of RIO. Arrowstreet Capital Limited Partnership acquired a new stake in Rio Tinto during the 3rd quarter worth about $94,737,000. Natixis Advisors LLC raised its stake in shares of Rio Tinto by 144.7% during the 4th quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company’s stock worth $127,039,000 after purchasing an additional 938,687 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Rio Tinto by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock worth $208,430,000 after purchasing an additional 763,786 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Rio Tinto by 878.3% during the 3rd quarter. National Bank of Canada FI now owns 824,092 shares of the mining company’s stock worth $54,396,000 after purchasing an additional 739,854 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Rio Tinto during the 3rd quarter worth about $37,115,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Up 0.3%

Shares of RIO stock opened at $101.00 on Tuesday. The stock’s 50 day simple moving average is $101.25 and its 200 day simple moving average is $91.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. Rio Tinto PLC has a twelve month low of $55.64 and a twelve month high of $112.58.

Wall Street Analyst Weigh In

RIO has been the subject of a number of recent research reports. DZ Bank raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Barclays downgraded Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, February 24th. Zacks Research downgraded Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Finally, Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rio Tinto has an average rating of “Hold” and an average price target of $101.75.

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.