Janney Montgomery Scott LLC Cuts Stock Holdings in Rio Tinto PLC $RIO

Janney Montgomery Scott LLC reduced its stake in Rio Tinto PLC (NYSE:RIO) by 26.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 81,935 shares of the mining company’s stock after selling 28,963 shares during the period. Janney Montgomery Scott LLC’s holdings in Rio Tinto were worth $7,644,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. AdvisorNet Financial Inc increased its holdings in shares of Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. PFS Partners LLC purchased a new stake in shares of Rio Tinto in the fourth quarter worth about $28,000. Nvest Wealth Strategies Inc. bought a new position in Rio Tinto during the fourth quarter valued at approximately $28,000. Trust Co. of Toledo NA OH bought a new position in Rio Tinto during the fourth quarter valued at approximately $34,000. Finally, Evelyn Partners Investment Management LLP bought a new position in Rio Tinto during the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on RIO shares. JPMorgan Chase & Co. downgraded Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Monday, March 9th. Sanford C. Bernstein increased their target price on Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. Royal Bank Of Canada cut shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, June 3rd. Finally, Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $101.75.

Rio Tinto Stock Up 0.0%

Shares of NYSE RIO opened at $94.44 on Friday. The business’s 50 day moving average is $102.14 and its two-hundred day moving average is $94.56. 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 1-year low of $57.65 and a 1-year high of $112.58.

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.