D.A. Davidson & CO. Sells 15,797 Shares of Rio Tinto PLC $RIO

Key Points

• D.A. Davidson reduced its Rio Tinto stake by 14.2% in the third quarter, selling 15,797 shares and retaining 95,539 shares valued at approximately $9 million.
• Other institutional investors largely increased their positions, but institutional ownership remains relatively limited at 19.33% of Rio Tinto’s stock.
• Analysts maintain a consensus “Hold” rating, with an average price target of $101.62; Rio Tinto opened at $81.95, below its 50-day and 200-day moving averages.

D.A. Davidson & CO. reduced its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 14.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 95,539 shares of the mining company's stock after selling 15,797 shares during the quarter. D.A. Davidson & CO.'s holdings in Rio Tinto were worth $8,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of RIO. Altshuler Shaham Ltd purchased a new position in shares of Rio Tinto in the first quarter valued at about $106,724,000. Renaissance Technologies LLC raised its holdings in Rio Tinto by 417.6% in the first quarter. Renaissance Technologies LLC now owns 965,800 shares of the mining company's stock worth $90,099,000 after purchasing an additional 779,200 shares in the last quarter. Bank of America Corp DE lifted its position in Rio Tinto by 6.6% during the first quarter. Bank of America Corp DE now owns 3,623,294 shares of the mining company's stock valued at $338,017,000 after buying an additional 225,016 shares during the period. Cidel Asset Management Inc. boosted its holdings in shares of Rio Tinto by 101.1% during the 2nd quarter. Cidel Asset Management Inc. now owns 241,718 shares of the mining company's stock valued at $22,946,000 after buying an additional 121,537 shares in the last quarter. Finally, SummitTX Capital L.P. boosted its holdings in shares of Rio Tinto by 207.9% during the 1st quarter. SummitTX Capital L.P. now owns 113,025 shares of the mining company's stock valued at $10,544,000 after buying an additional 76,322 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. DZ Bank reiterated a "buy" rating on shares of Rio Tinto in a report on Tuesday, September 15th. Zacks Research upgraded Rio Tinto from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 2nd. Barclays reaffirmed a "neutral" rating on shares of Rio Tinto in a research report on Tuesday, July 7th. Jefferies Financial Group reiterated a "neutral" rating on shares of Rio Tinto in a research note on Thursday, August 20th. Finally, Deutsche Bank Aktiengesellschaft restated a "neutral" rating on shares of Rio Tinto in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $101.62.

Rio Tinto Trading Down 1.6%

NYSE RIO opened at $81.95 on Friday. The company has a 50-day moving average price of $95.38 and a 200-day moving average price of $96.25. Rio Tinto PLC has a 52 week low of $67.74 and a 52 week high of $112.58. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29.

Rio Tinto Company Profile

Rio Tinto plc is a diversified mining and metals company with operations and projects spanning multiple continents. Its principal products include iron ore, aluminum, copper, lithium, borates and titanium dioxide, which are supplied to customers in the steel, construction, automotive, technology and manufacturing industries.

The company explores for, mines, processes and transports mineral resources, while also operating related infrastructure such as railways, ports, smelters and processing facilities.

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