Envestnet Portfolio Solutions Inc. Reduces Position in Rio Tinto PLC (NYSE:RIO)

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 55.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,053 shares of the mining company's stock after selling 7,605 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Rio Tinto were worth $364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RIO. Deutsche Bank AG lifted its stake in shares of Rio Tinto by 143,872.8% in the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock valued at $74,341,000 after purchasing an additional 1,263,203 shares during the period. Dynamo Internacional Gestao DE Recursos LTDA. lifted its stake in shares of Rio Tinto by 119.2% in the 4th quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company's stock valued at $2,423,000 after purchasing an additional 807,610 shares during the period. Paloma Partners Management Co acquired a new position in shares of Rio Tinto in the 4th quarter valued at $40,032,000. Raymond James Financial Inc. acquired a new position in shares of Rio Tinto in the 4th quarter valued at $29,606,000. Finally, Ameriprise Financial Inc. lifted its stake in shares of Rio Tinto by 169.4% in the 4th quarter. Ameriprise Financial Inc. now owns 619,494 shares of the mining company's stock valued at $36,428,000 after purchasing an additional 389,531 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RIO shares. Morgan Stanley cut shares of Rio Tinto from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. started coverage on shares of Rio Tinto in a report on Tuesday, March 18th. They issued an "overweight" rating for the company. Wall Street Zen lowered shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. DZ Bank raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Four research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Price Performance

NYSE RIO traded up $0.15 on Friday, hitting $58.73. The company had a trading volume of 2,768,713 shares, compared to its average volume of 3,000,691. The company has a market capitalization of $73.64 billion, a PE ratio of 9.10 and a beta of 0.68. The company's fifty day moving average price is $59.67 and its 200-day moving average price is $60.14. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.13. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08.

Rio Tinto Company 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.