KW Wealth Management LLC Invests $680,000 in Rio Tinto PLC $RIO

KW Wealth Management LLC acquired a new stake in shares of Rio Tinto PLC (NYSE:RIO) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,296 shares of the mining company’s stock, valued at approximately $680,000. Rio Tinto comprises approximately 1.2% of KW Wealth Management LLC’s holdings, making the stock its 25th biggest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RIO. Ieq Capital LLC grew its stake in Rio Tinto by 5.8% during the 1st quarter. Ieq Capital LLC now owns 6,589 shares of the mining company’s stock valued at $396,000 after purchasing an additional 363 shares during the last quarter. Vident Advisory LLC lifted its holdings in shares of Rio Tinto by 37.7% during the first quarter. Vident Advisory LLC now owns 21,453 shares of the mining company’s stock worth $1,289,000 after purchasing an additional 5,872 shares during the period. Baird Financial Group Inc. boosted its position in Rio Tinto by 37.5% in the first quarter. Baird Financial Group Inc. now owns 14,346 shares of the mining company’s stock valued at $862,000 after buying an additional 3,912 shares during the last quarter. DRW Securities LLC increased its holdings in Rio Tinto by 222.7% in the 1st quarter. DRW Securities LLC now owns 26,177 shares of the mining company’s stock worth $1,573,000 after buying an additional 18,064 shares during the period. Finally, MAI Capital Management raised its position in Rio Tinto by 21.4% during the 1st quarter. MAI Capital Management now owns 4,405 shares of the mining company’s stock worth $265,000 after buying an additional 776 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Argus upped their price objective on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 22nd. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Tuesday, December 16th. Citigroup reiterated a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Finally, Zacks Research downgraded Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Rio Tinto has an average rating of “Moderate Buy” and an average price target of $79.00.

Rio Tinto Trading Up 1.5%

RIO opened at $82.13 on Monday. The company has a fifty day moving average of $72.92 and a two-hundred day moving average of $65.82. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $82.36. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Rio Tinto 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.