Aperio Group LLC boosted its stake in Rio Tinto plc (NYSE:RIO) by 12.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 449,621 shares of the mining company’s stock after acquiring an additional 49,038 shares during the period. Aperio Group LLC’s holdings in Rio Tinto were worth $23,169,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RIO. Bank of Montreal Can raised its holdings in Rio Tinto by 10.1% in the 4th quarter. Bank of Montreal Can now owns 567,503 shares of the mining company’s stock valued at $30,039,000 after buying an additional 52,025 shares during the period. Naples Global Advisors LLC raised its holdings in Rio Tinto by 27.1% in the 4th quarter. Naples Global Advisors LLC now owns 36,680 shares of the mining company’s stock valued at $1,941,000 after buying an additional 7,815 shares during the period. Boston Advisors LLC raised its holdings in Rio Tinto by 63.6% in the 4th quarter. Boston Advisors LLC now owns 13,955 shares of the mining company’s stock valued at $739,000 after buying an additional 5,425 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in Rio Tinto by 6.7% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 59,124 shares of the mining company’s stock valued at $3,129,000 after buying an additional 3,709 shares during the period. Finally, Parsec Financial Management Inc. raised its holdings in Rio Tinto by 0.6% in the 4th quarter. Parsec Financial Management Inc. now owns 354,573 shares of the mining company’s stock valued at $18,768,000 after buying an additional 2,068 shares during the period. Hedge funds and other institutional investors own 7.08% of the company’s stock.

Several analysts recently issued reports on RIO shares. UBS restated a “buy” rating on shares of Rio Tinto in a report on Monday, March 5th. Jefferies Group restated a “buy” rating and issued a $68.00 price objective on shares of Rio Tinto in a report on Monday, April 9th. Argus boosted their price objective on shares of Rio Tinto to $61.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. HSBC upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a report on Wednesday, April 18th. Finally, Zacks Investment Research raised Rio Tinto from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Tuesday, April 17th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the stock. Rio Tinto has a consensus rating of “Hold” and a consensus target price of $56.73.

NYSE RIO opened at $58.93 on Thursday. The stock has a market capitalization of $77.92 billion, a price-to-earnings ratio of 12.30 and a beta of 1.16. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.71 and a quick ratio of 1.40. Rio Tinto plc has a 1-year low of $58.77 and a 1-year high of $59.27.

Rio Tinto declared that its board has authorized a stock repurchase plan on Wednesday, February 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the mining company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

About Rio Tinto

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

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Institutional Ownership by Quarter for Rio Tinto (NYSE:RIO)

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