Renaissance Technologies LLC raised its holdings in shares of Rio Tinto PLC (NYSE:RIO – Free Report) by 417.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 965,800 shares of the mining company’s stock after buying an additional 779,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Rio Tinto were worth $90,099,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. AdvisorNet Financial Inc raised its holdings in shares of Rio Tinto by 160.2% in the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after acquiring an additional 181 shares in the last quarter. PFS Partners LLC purchased a new position in shares of Rio Tinto during the fourth quarter worth about $28,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Rio Tinto during the fourth quarter worth about $28,000. Trust Co. of Toledo NA OH bought a new position in shares of Rio Tinto in the fourth quarter worth approximately $34,000. Finally, Evelyn Partners Investment Management LLP bought a new position in shares of Rio Tinto in the fourth quarter worth approximately $34,000. 19.33% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the stock. Morgan Stanley downgraded shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, July 8th. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research note on Thursday, July 9th. Royal Bank Of Canada lowered shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a report on Wednesday, June 3rd. DZ Bank upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $101.75.
Rio Tinto Price Performance
Shares of Rio Tinto stock opened at $91.25 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 business’s 50-day moving average price is $98.44 and its 200-day moving average price is $95.77. Rio Tinto PLC has a 12 month low of $58.40 and a 12 month high of $112.58.
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.
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