Envestnet Asset Management Inc. Has $30.79 Million Holdings in Rio Tinto PLC (NYSE:RIO)

Envestnet Asset Management Inc. lessened its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 11.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 512,401 shares of the mining company's stock after selling 65,474 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Rio Tinto were worth $30,785,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in RIO. XTX Topco Ltd purchased a new stake in shares of Rio Tinto in the fourth quarter valued at $1,241,000. Rossby Financial LCC purchased a new stake in Rio Tinto in the 4th quarter valued at about $360,000. Farther Finance Advisors LLC increased its stake in shares of Rio Tinto by 24.2% during the 1st quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after acquiring an additional 785 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Rio Tinto by 3.2% during the 4th quarter. Schroder Investment Management Group now owns 32,258 shares of the mining company's stock worth $1,890,000 after acquiring an additional 1,009 shares during the period. Finally, Norges Bank acquired a new stake in shares of Rio Tinto in the fourth quarter worth approximately $432,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on RIO shares. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. started coverage on Rio Tinto in a research report on Tuesday, March 18th. They issued an "overweight" rating on the stock. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. DZ Bank raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Thursday, March 27th. Finally, Barclays restated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Four analysts have rated the stock with a hold rating, five have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Rio Tinto has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Price Performance

Shares of NYSE RIO traded down $1.33 during mid-day trading on Tuesday, reaching $58.50. The company had a trading volume of 3,573,678 shares, compared to its average volume of 3,116,520. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $72.08. The stock has a market cap of $73.35 billion, a PE ratio of 9.07 and a beta of 0.66. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average price of $59.50 and a two-hundred day moving average price of $60.07.

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.