Wealth Quarterback LLC Acquires New Position in Rio Tinto PLC $RIO

Wealth Quarterback LLC bought a new position in Rio Tinto PLC (NYSE:RIO) during the second quarter, Holdings Channel.com reports. The institutional investor bought 4,514 shares of the mining company’s stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also made changes to their positions in RIO. Cerity Partners LLC lifted its position in Rio Tinto by 35.4% during the first quarter. Cerity Partners LLC now owns 75,984 shares of the mining company’s stock worth $4,567,000 after buying an additional 19,875 shares in the last quarter. Stephens Inc. AR grew its holdings in Rio Tinto by 43.5% in the 1st quarter. Stephens Inc. AR now owns 79,873 shares of the mining company’s stock valued at $4,799,000 after buying an additional 24,200 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of Rio Tinto by 0.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 42,242 shares of the mining company’s stock worth $2,538,000 after acquiring an additional 284 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Rio Tinto by 20.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 202,117 shares of the mining company’s stock worth $12,143,000 after acquiring an additional 34,627 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in shares of Rio Tinto by 3.3% during the 1st quarter. Whittier Trust Co. now owns 27,385 shares of the mining company’s stock worth $1,645,000 after acquiring an additional 862 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

Shares of RIO stock opened at $70.37 on Wednesday. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $73.76. The company has a 50-day moving average of $66.76 and a two-hundred day moving average of $62.60. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RIO. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Profile

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.