McAlvany Wealth Management LLC Takes Position in Rio Tinto PLC $RIO

McAlvany Wealth Management LLC purchased a new position in Rio Tinto PLC (NYSE:RIO) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 8,122 shares of the mining company’s stock, valued at approximately $650,000.

A number of other institutional investors have also made changes to their positions in the stock. Rockefeller Capital Management L.P. boosted its holdings in Rio Tinto by 33.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 130,864 shares of the mining company’s stock worth $10,473,000 after buying an additional 32,604 shares during the last quarter. Fund Advisors of America Inc FL bought a new stake in shares of Rio Tinto in the 4th quarter valued at about $642,000. World Investment Advisors raised its position in shares of Rio Tinto by 104.8% in the 4th quarter. World Investment Advisors now owns 15,075 shares of the mining company’s stock valued at $1,207,000 after acquiring an additional 7,714 shares during the period. Auto Owners Insurance Co raised its position in shares of Rio Tinto by 7,903.0% in the 4th quarter. Auto Owners Insurance Co now owns 768,288 shares of the mining company’s stock valued at $61,486,000 after acquiring an additional 758,688 shares during the period. Finally, Hsbc Holdings PLC raised its position in shares of Rio Tinto by 160.5% in the 4th quarter. Hsbc Holdings PLC now owns 25,929 shares of the mining company’s stock valued at $2,075,000 after acquiring an additional 68,755 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RIO. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. cut shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. Zacks Research lowered shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Finally, Barclays cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $101.75.

Rio Tinto Price Performance

Shares of RIO opened at $100.22 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $102.95 and a 200 day simple moving average of $93.10. Rio Tinto PLC has a 52-week low of $55.64 and a 52-week high of $112.58.

Rio Tinto Company Profile

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.