Rio Tinto PLC $RIO Stock Position Decreased by Vontobel Holding Ltd.

Vontobel Holding Ltd. decreased its position in Rio Tinto PLC (NYSE:RIO) by 54.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,403 shares of the mining company’s stock after selling 7,739 shares during the quarter. Vontobel Holding Ltd.’s holdings in Rio Tinto were worth $423,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Live Oak Investment Partners lifted its stake in Rio Tinto by 0.8% in the second quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company’s stock valued at $1,156,000 after acquiring an additional 162 shares during the last quarter. AE Wealth Management LLC increased its position in Rio Tinto by 2.4% during the second quarter. AE Wealth Management LLC now owns 9,613 shares of the mining company’s stock worth $561,000 after buying an additional 223 shares during the last quarter. Grove Bank & Trust raised its holdings in Rio Tinto by 24.5% during the second quarter. Grove Bank & Trust now owns 1,139 shares of the mining company’s stock valued at $66,000 after buying an additional 224 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in shares of Rio Tinto by 4.3% in the second quarter. Kingsview Wealth Management LLC now owns 5,538 shares of the mining company’s stock worth $323,000 after buying an additional 229 shares during the last quarter. Finally, Naviter Wealth LLC boosted its stake in shares of Rio Tinto by 1.1% during the 2nd quarter. Naviter Wealth LLC now owns 21,845 shares of the mining company’s stock worth $1,274,000 after acquiring an additional 245 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Stock Down 2.2%

NYSE:RIO opened at $80.42 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a one year low of $51.67 and a one year high of $82.36. The company has a fifty day moving average price of $73.14 and a 200 day moving average price of $65.98.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RIO shares. Argus raised their price objective on Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a report on Monday, December 1st. Citigroup restated a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research note on Tuesday, December 16th. Finally, Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.00.

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.