Independent Advisor Alliance Sells 18,544 Shares of Rio Tinto PLC $RIO

Independent Advisor Alliance decreased its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 43.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 24,116 shares of the mining company’s stock after selling 18,544 shares during the period. Independent Advisor Alliance’s holdings in Rio Tinto were worth $1,592,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Marshall Wace LLP bought a new position in Rio Tinto in the 2nd quarter valued at about $49,089,000. Bank of Montreal Can raised its stake in shares of Rio Tinto by 71.7% in the second quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock worth $108,238,000 after purchasing an additional 774,851 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of Rio Tinto by 4.2% in the second quarter. Fisher Asset Management LLC now owns 18,562,934 shares of the mining company’s stock worth $1,082,776,000 after purchasing an additional 752,505 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Rio Tinto by 555.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 524,602 shares of the mining company’s stock valued at $30,600,000 after purchasing an additional 444,602 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Rio Tinto by 198.3% during the second quarter. Tower Research Capital LLC TRC now owns 282,112 shares of the mining company’s stock valued at $16,456,000 after buying an additional 187,544 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

NYSE RIO opened at $92.55 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $97.11. The company has a 50-day simple moving average of $81.14 and a 200 day simple moving average of $70.88.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RIO. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 29th. Argus increased their price objective on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Morgan Stanley downgraded Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 28th. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Rio Tinto has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.