Kovack Advisors Inc. Acquires 610 Shares of Rio Tinto PLC (NYSE:RIO)

Kovack Advisors Inc. increased its holdings in Rio Tinto PLC (NYSE:RIO) by 8.2% in the first quarter, HoldingsChannel reports. The firm owned 8,077 shares of the mining company’s stock after purchasing an additional 610 shares during the period. Kovack Advisors Inc.’s holdings in Rio Tinto were worth $485,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. XTX Topco Ltd bought a new stake in Rio Tinto in the fourth quarter worth $1,241,000. Rossby Financial LCC bought a new stake in Rio Tinto in the fourth quarter worth $360,000. Farther Finance Advisors LLC boosted its holdings in Rio Tinto by 24.2% in the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company’s stock worth $242,000 after purchasing an additional 785 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Rio Tinto by 3.2% in the fourth quarter. Schroder Investment Management Group now owns 32,258 shares of the mining company’s stock worth $1,890,000 after purchasing an additional 1,009 shares in the last quarter. Finally, Norges Bank bought a new stake in Rio Tinto in the fourth quarter worth $432,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Stock Down 1.1%

NYSE RIO opened at $63.11 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.13 and a current ratio of 1.63. The firm has a 50-day simple moving average of $59.63 and a 200 day simple moving average of $60.25. Rio Tinto PLC has a twelve month low of $51.67 and a twelve month high of $72.08. The stock has a market cap of $79.14 billion, a PE ratio of 9.78 and a beta of 0.66.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RIO. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a report on Monday, July 14th. Jefferies Financial Group restated a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Berenberg Bank restated a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Barclays restated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Finally, Wall Street Zen cut shares of Rio Tinto from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Rio Tinto currently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

About Rio Tinto

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.