Independent Advisor Alliance Sells 18,544 Shares of Rio Tinto PLC $RIO

Independent Advisor Alliance lowered its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 43.5% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,116 shares of the mining company’s stock after selling 18,544 shares during the period. Independent Advisor Alliance’s holdings in Rio Tinto were worth $1,592,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RIO. Capital Advisors Inc. OK lifted its holdings in Rio Tinto by 20.6% during the 3rd quarter. Capital Advisors Inc. OK now owns 520,428 shares of the mining company’s stock worth $34,353,000 after buying an additional 89,069 shares during the period. QSM Asset Management Ltd bought a new position in shares of Rio Tinto during the third quarter worth about $11,509,000. Synergy Asset Management LLC lifted its stake in shares of Rio Tinto by 272.2% in the third quarter. Synergy Asset Management LLC now owns 205,418 shares of the mining company’s stock worth $12,712,000 after acquiring an additional 150,234 shares during the period. Campbell & CO Investment Adviser LLC lifted its stake in shares of Rio Tinto by 479.6% in the third quarter. Campbell & CO Investment Adviser LLC now owns 144,553 shares of the mining company’s stock worth $9,542,000 after acquiring an additional 119,614 shares during the period. Finally, Assetmark Inc. boosted its holdings in Rio Tinto by 8.1% in the second quarter. Assetmark Inc. now owns 70,330 shares of the mining company’s stock valued at $4,102,000 after acquiring an additional 5,259 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Performance

Shares of NYSE RIO opened at $92.55 on Tuesday. The firm’s 50-day moving average price is $81.14 and its 200-day moving average price is $70.88. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $97.11.

Wall Street Analysts Forecast Growth

RIO has been the subject of several analyst reports. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Citigroup reissued a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Argus boosted their target price 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. Erste Group Bank upgraded Rio Tinto from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Finally, HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Rio Tinto has an average rating of “Moderate Buy” and an average target price of $85.00.

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.