Rio Tinto PLC $RIO Holdings Lessened by Trek Financial LLC

Key Points

• Trek Financial cut its Rio Tinto stake by 95.2% in the third quarter, selling 57,295 shares and retaining 2,912 shares worth about $274,000.
• Rio Tinto shares opened at $81.62, down 1.3%; the stock’s 12-month range is $67.74–$112.58.
• Analysts have a consensus “Hold” rating and an average price target of $101.62, with 1 Strong Buy, 4 Buy, 13 Hold, and 1 Sell rating reported.

Trek Financial LLC cut its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 95.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,912 shares of the mining company's stock after selling 57,295 shares during the period. Trek Financial LLC's holdings in Rio Tinto were worth $274,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RIO. Miramontes Capital LLC increased its holdings in Rio Tinto by 1.7% during the 2nd quarter. Miramontes Capital LLC now owns 5,863 shares of the mining company's stock worth $557,000 after purchasing an additional 99 shares during the period. Parkside Financial Bank & Trust boosted its stake in shares of Rio Tinto by 2.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 5,865 shares of the mining company's stock valued at $557,000 after buying an additional 114 shares during the period. Asset Allocation Strategies LLC boosted its stake in shares of Rio Tinto by 4.0% in the 2nd quarter. Asset Allocation Strategies LLC now owns 3,010 shares of the mining company's stock valued at $286,000 after buying an additional 117 shares during the period. Trust Point Inc. boosted its stake in shares of Rio Tinto by 2.0% in the 2nd quarter. Trust Point Inc. now owns 5,989 shares of the mining company's stock valued at $569,000 after buying an additional 118 shares during the period. Finally, Walker Asset Management LLC grew its position in shares of Rio Tinto by 2.5% during the second quarter. Walker Asset Management LLC now owns 4,866 shares of the mining company's stock worth $462,000 after buying an additional 120 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Trading Down 1.3%

Shares of NYSE:RIO opened at $81.62 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.93 and a current ratio of 1.42. Rio Tinto PLC has a twelve month low of $67.74 and a twelve month high of $112.58. The firm has a 50 day simple moving average of $94.47 and a 200-day simple moving average of $96.22.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RIO. Berenberg Bank restated a "buy" rating on shares of Rio Tinto in a research note on Wednesday, September 30th. Morningstar raised shares of Rio Tinto to a "hold" rating in a report on Tuesday, July 14th. DZ Bank reiterated a "buy" rating on shares of Rio Tinto in a research note on Tuesday, September 15th. Sanford C. Bernstein lifted their price target on shares of Rio Tinto from $88.50 to $89.50 and gave the stock an "outperform" rating in a research note on Wednesday, September 9th. Finally, Morgan Stanley began coverage on shares of Rio Tinto in a report on Monday, August 24th. They set an "underweight" rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $101.62.

About Rio Tinto

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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