K.J. Harrison & Partners Inc Makes New $2.41 Million Investment in Rio Tinto PLC $RIO

K.J. Harrison & Partners Inc purchased a new position in shares of Rio Tinto PLC (NYSE:RIO) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,250 shares of the mining company’s stock, valued at approximately $2,406,000.

A number of other large investors also recently added to or reduced their stakes in RIO. Wayfinding Financial LLC purchased a new stake in shares of Rio Tinto during the first quarter worth $30,000. Pandora Wealth Inc. purchased a new stake in shares of Rio Tinto during the first quarter worth $30,000. Hilltop National Bank purchased a new stake in shares of Rio Tinto during the second quarter worth $44,000. Resources Management Corp CT ADV purchased a new stake in shares of Rio Tinto during the first quarter worth $48,000. Finally, Cary Street Partners Investment Advisory LLC increased its position in shares of Rio Tinto by 65.1% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock worth $51,000 after acquiring an additional 336 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Rio Tinto Trading Down 0.4%

NYSE:RIO opened at $71.88 on Monday. The business’s fifty day moving average price is $65.76 and its 200 day moving average price is $62.11. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $73.76.

Rio Tinto Company 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.