Institute for Wealth Management LLC. Sells 8,512 Shares of Rio Tinto plc ADR (RIO)

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Institute for Wealth Management LLC. reduced its holdings in shares of Rio Tinto plc ADR (NYSE:RIO) by 44.9% in the third quarter, HoldingsChannel.com reports. The fund owned 10,440 shares of the mining company’s stock after selling 8,512 shares during the period. Institute for Wealth Management LLC.’s holdings in Rio Tinto were worth $538,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Trust Department MB Financial Bank N A purchased a new position in Rio Tinto during the 3rd quarter valued at about $102,000. Whittier Trust Co. lifted its position in Rio Tinto by 605.9% during the 2nd quarter. Whittier Trust Co. now owns 2,047 shares of the mining company’s stock valued at $111,000 after acquiring an additional 1,757 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Rio Tinto during the 2nd quarter valued at about $166,000. Brown Advisory Inc. purchased a new position in Rio Tinto during the 2nd quarter valued at about $201,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in Rio Tinto by 2,042.5% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,985 shares of the mining company’s stock valued at $216,000 after acquiring an additional 3,799 shares during the period. 7.08% of the stock is owned by institutional investors.

A number of research analysts recently issued reports on RIO shares. Goldman Sachs Group raised shares of Rio Tinto from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 9th. ValuEngine cut shares of Rio Tinto from a “hold” rating to a “sell” rating in a research report on Monday, October 8th. Royal Bank of Canada cut shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, July 25th. Jefferies Financial Group set a $67.00 price target on shares of Rio Tinto and gave the company a “buy” rating in a research report on Wednesday, August 1st. Finally, Deutsche Bank restated a “neutral” rating on shares of Rio Tinto in a research note on Monday, July 16th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. Rio Tinto has an average rating of “Hold” and a consensus price target of $58.80.

NYSE:RIO opened at $48.11 on Wednesday. The stock has a market cap of $63.14 billion, a price-to-earnings ratio of 10.04 and a beta of 1.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.77 and a quick ratio of 1.41. Rio Tinto plc ADR has a fifty-two week low of $45.62 and a fifty-two week high of $60.72.

Rio Tinto Profile

Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, industrial minerals (borates, titanium dioxide, and salt), iron ore, thermal and metallurgical coal, and uranium, as well as sulphuric acid, rhenium, lead carbonate, and selenium.

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

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