Barometer Capital Management Inc. Buys Shares of 21,600 Rio Tinto PLC $RIO

Barometer Capital Management Inc. bought a new stake in shares of Rio Tinto PLC (NYSE:RIO) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 21,600 shares of the mining company’s stock, valued at approximately $2,015,000.

A number of other hedge funds have also made changes to their positions in RIO. Shrier Wealth Management LLC bought a new position in shares of Rio Tinto in the 4th quarter worth about $1,280,000. QSM Asset Management Ltd boosted its stake in Rio Tinto by 32.1% in the fourth quarter. QSM Asset Management Ltd now owns 230,700 shares of the mining company’s stock valued at $18,463,000 after acquiring an additional 56,000 shares during the period. D.A. Davidson & CO. grew its holdings in shares of Rio Tinto by 16.7% during the fourth quarter. D.A. Davidson & CO. now owns 124,182 shares of the mining company’s stock valued at $9,938,000 after purchasing an additional 17,786 shares during the last quarter. Oak Harvest Investment Services bought a new position in shares of Rio Tinto during the fourth quarter valued at approximately $15,210,000. Finally, Vanguard Capital Wealth Advisors acquired a new stake in shares of Rio Tinto during the 4th quarter worth approximately $955,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

RIO has been the topic of several analyst reports. Zacks Research lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. DZ Bank raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Bank of America cut Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Finally, Argus set a $120.00 target price on Rio Tinto in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $101.75.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $90.54 on Wednesday. The company has a 50 day moving average of $99.44 and a 200-day moving average of $95.64. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a twelve month low of $58.40 and a twelve month 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.