Rio Tinto PLC (NYSE:RIO) Shares Sold by Schechter Investment Advisors LLC

Schechter Investment Advisors LLC reduced its holdings in Rio Tinto PLC (NYSE:RIO) by 20.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 7,836 shares of the mining company’s stock after selling 2,044 shares during the quarter. Schechter Investment Advisors LLC’s holdings in Rio Tinto were worth $471,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RIO. Bank of New York Mellon Corp lifted its holdings in shares of Rio Tinto by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 84,154 shares of the mining company’s stock valued at $4,949,000 after buying an additional 5,281 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Rio Tinto by 28.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 81,888 shares of the mining company’s stock worth $4,816,000 after buying an additional 18,179 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Rio Tinto by 8.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 10,426 shares of the mining company’s stock worth $613,000 after buying an additional 816 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Rio Tinto by 41.4% during the fourth quarter. Farther Finance Advisors LLC now owns 3,238 shares of the mining company’s stock worth $190,000 after buying an additional 948 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in Rio Tinto by 8.7% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,658 shares of the mining company’s stock worth $803,000 after buying an additional 1,093 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on RIO shares. Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a report on Monday. Barclays reissued an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Berenberg Bank reissued a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. started coverage on shares of Rio Tinto in a report on Tuesday, March 18th. They set an “overweight” rating on the stock. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Stock Down 2.2%

Shares of NYSE RIO opened at $58.50 on Wednesday. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08. The company has a market capitalization of $73.35 billion, a PE ratio of 9.07 and a beta of 0.66. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.13. The firm’s 50-day moving average is $59.47 and its two-hundred day moving average is $60.06.

Rio Tinto Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.