Rhumbline Advisers Has $969,000 Position in Rio Tinto PLC (NYSE:RIO)

Rhumbline Advisers cut its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 35.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,123 shares of the mining company's stock after selling 8,670 shares during the period. Rhumbline Advisers' holdings in Rio Tinto were worth $969,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Rakuten Securities Inc. lifted its stake in Rio Tinto by 74.8% in the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock worth $29,000 after acquiring an additional 211 shares during the period. Mechanics Financial Corp bought a new position in shares of Rio Tinto during the fourth quarter valued at $29,000. Ameriflex Group Inc. purchased a new position in Rio Tinto in the 4th quarter worth about $47,000. WealthCollab LLC grew its stake in shares of Rio Tinto by 35.9% during the 4th quarter. WealthCollab LLC now owns 1,029 shares of the mining company's stock valued at $61,000 after acquiring an additional 272 shares during the period. Finally, Banque Transatlantique SA bought a new stake in shares of Rio Tinto during the fourth quarter valued at approximately $70,000. 19.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RIO has been the topic of several recent research reports. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. DZ Bank upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Morgan Stanley downgraded Rio Tinto from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. began coverage on Rio Tinto in a report on Tuesday, March 18th. They issued an "overweight" rating for the company. Finally, Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Rio Tinto currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Stock Up 2.1%

NYSE RIO traded up $1.20 on Monday, hitting $57.09. 3,182,984 shares of the stock traded hands, compared to its average volume of 2,966,208. The company has a market capitalization of $71.59 billion, a P/E ratio of 8.85 and a beta of 0.68. The stock has a 50-day moving average of $59.66 and a 200 day moving average of $60.34. Rio Tinto PLC has a twelve month low of $51.67 and a twelve month high of $72.08. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23.

About Rio Tinto

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.