NewEdge Wealth LLC raised its stake in Rio Tinto PLC (NYSE:RIO – Free Report) by 20.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 47,748 shares of the mining company’s stock after buying an additional 8,243 shares during the quarter. NewEdge Wealth LLC’s holdings in Rio Tinto were worth $3,821,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Triton Financial Group Inc lifted its stake in Rio Tinto by 2.3% in the fourth quarter. Triton Financial Group Inc now owns 18,303 shares of the mining company’s stock valued at $1,465,000 after buying an additional 420 shares during the last quarter. Chesapeake Capital Corp IL lifted its stake in Rio Tinto by 0.9% in the fourth quarter. Chesapeake Capital Corp IL now owns 14,752 shares of the mining company’s stock valued at $1,181,000 after buying an additional 132 shares during the last quarter. Ballentine Partners LLC lifted its stake in Rio Tinto by 4.8% in the fourth quarter. Ballentine Partners LLC now owns 4,450 shares of the mining company’s stock valued at $356,000 after buying an additional 203 shares during the last quarter. Redwood Wealth Management Group LLC lifted its stake in Rio Tinto by 3.1% in the fourth quarter. Redwood Wealth Management Group LLC now owns 9,973 shares of the mining company’s stock valued at $798,000 after buying an additional 300 shares during the last quarter. Finally, Lmcg Investments LLC lifted its stake in Rio Tinto by 4.8% in the fourth quarter. Lmcg Investments LLC now owns 51,391 shares of the mining company’s stock valued at $4,113,000 after buying an additional 2,340 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.
Rio Tinto Stock Up 2.3%
Shares of NYSE RIO opened at $107.82 on Tuesday. Rio Tinto PLC has a fifty-two week low of $55.64 and a fifty-two week high of $108.43. The firm’s 50-day simple moving average is $95.07 and its 200 day simple moving average is $86.26. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.
Rio Tinto Announces Dividend
Key Stories Impacting Rio Tinto
Here are the key news stories impacting Rio Tinto this week:
- Positive Sentiment: Rio Tinto signed a 30-year power purchase agreement with Yindjibarndi Energy for the Jinbi Solar Project in Australia, locking in long-term renewable electricity supply for its Pilbara operations and reinforcing its decarbonization strategy. Article Title
- Positive Sentiment: Yindjibarndi Energy said the Jinbi Solar Project has reached financial close and will move into construction, which adds credibility to the project and highlights Rio Tinto’s role in enabling new low-carbon power infrastructure. Article Title
- Positive Sentiment: Rio Tinto is reportedly in talks to increase its stake in the Los Azules copper project in Argentina, potentially strengthening its exposure to copper, a metal critical for electrification and AI/data-center demand. Article Title
- Neutral Sentiment: Rio Tinto extended its partnership with the Clontarf Foundation to support Indigenous education, a reputationally positive move but unlikely to materially affect near-term earnings. Article Title
- Negative Sentiment: Rio Tinto was accused of drying a sacred Aboriginal waterhole, a headline that could add ESG and community-relations overhang even if the financial impact is unclear. Article Title
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the company. Barclays cut Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, February 24th. Argus set a $120.00 price objective on shares of Rio Tinto in a research note on Monday, April 27th. Morgan Stanley cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 28th. Erste Group Bank upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Citigroup restated a “neutral” rating on shares of Rio Tinto in a research note on Monday, April 13th. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $101.75.
View Our Latest Research Report on RIO
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.
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