Allspring Global Investments Holdings LLC boosted its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 18.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,221 shares of the mining company's stock after purchasing an additional 18,368 shares during the period. Allspring Global Investments Holdings LLC's holdings in Rio Tinto were worth $7,120,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Deutsche Bank AG grew its holdings in shares of Rio Tinto by 143,872.8% during the fourth quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock worth $74,341,000 after purchasing an additional 1,263,203 shares during the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. grew its holdings in Rio Tinto by 119.2% during the 4th quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company's stock worth $2,423,000 after acquiring an additional 807,610 shares during the last quarter. Paloma Partners Management Co acquired a new position in Rio Tinto in the 4th quarter valued at approximately $40,032,000. Raymond James Financial Inc. bought a new position in shares of Rio Tinto during the fourth quarter valued at $29,606,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Rio Tinto by 169.4% during the fourth quarter. Ameriprise Financial Inc. now owns 619,494 shares of the mining company's stock valued at $36,428,000 after acquiring an additional 389,531 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.
Analyst Ratings Changes
RIO has been the subject of a number of recent research reports. Morgan Stanley downgraded Rio Tinto from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. JPMorgan Chase & Co. began coverage on Rio Tinto in a research note on Tuesday, March 18th. They issued an "overweight" rating for the company. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a report on Wednesday. Finally, Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $73.00.
Check Out Our Latest Stock Report on Rio Tinto
Rio Tinto Price Performance
Rio Tinto stock opened at $58.94 on Friday. The business's 50 day simple moving average is $59.56 and its 200 day simple moving average is $60.05. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The company has a market cap of $73.91 billion, a price-to-earnings ratio of 9.14 and a beta of 0.66. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23.
About Rio Tinto
(
Free Report)
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.
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