Todd Asset Management LLC Purchases 25,367 Shares of Rio Tinto PLC $RIO

Todd Asset Management LLC increased its stake in shares of Rio Tinto PLC (NYSE:RIO) by 2.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,093,903 shares of the mining company’s stock after buying an additional 25,367 shares during the quarter. Rio Tinto comprises approximately 1.5% of Todd Asset Management LLC’s portfolio, making the stock its 7th largest holding. Todd Asset Management LLC’s holdings in Rio Tinto were worth $72,209,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Salomon & Ludwin LLC increased its position in Rio Tinto by 62.2% during the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after buying an additional 181 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of Rio Tinto in the 3rd quarter valued at approximately $36,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Rio Tinto in the 2nd quarter worth approximately $38,000. MTM Investment Management LLC bought a new stake in Rio Tinto during the second quarter worth approximately $43,000. Finally, Wealth Preservation Advisors LLC acquired a new position in Rio Tinto during the second quarter valued at approximately $53,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RIO. Argus upped their price objective on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Citigroup raised Rio Tinto to a “hold” rating in a research report on Tuesday, February 10th. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a report on Thursday, January 22nd. Finally, Morgan Stanley downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 28th. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Stock Up 0.1%

RIO stock opened at $98.03 on Monday. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $100.33. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $85.41 and its 200-day moving average is $73.02.

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.