MQS Management LLC Trims Stake in Rio Tinto PLC $RIO

MQS Management LLC reduced its stake in Rio Tinto PLC (NYSE:RIO) by 81.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,738 shares of the mining company’s stock after selling 15,917 shares during the period. MQS Management LLC’s holdings in Rio Tinto were worth $247,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of RIO. Salomon & Ludwin LLC grew its holdings in shares of Rio Tinto by 62.2% during the 3rd quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after acquiring an additional 181 shares during the period. Root Financial Partners LLC bought a new stake in shares of Rio Tinto during the third quarter valued at approximately $36,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Rio Tinto in the second quarter worth $38,000. MTM Investment Management LLC purchased a new stake in Rio Tinto in the second quarter worth $43,000. Finally, Wealth Preservation Advisors LLC bought a new position in Rio Tinto in the second quarter worth $53,000. 19.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on RIO shares. Morgan Stanley cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 28th. Argus increased their price target on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. HSBC lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 29th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Rio Tinto presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

Rio Tinto Trading Up 0.1%

Shares of Rio Tinto stock opened at $98.03 on Friday. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $100.33. The firm’s 50-day moving average is $85.41 and its 200 day moving average is $72.86. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

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.