Altshuler Shaham Ltd Makes New Investment in Rio Tinto PLC $RIO

Altshuler Shaham Ltd bought a new stake in Rio Tinto PLC (NYSE:RIO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,144,000 shares of the mining company's stock, valued at approximately $106,724,000. Rio Tinto makes up 1.7% of Altshuler Shaham Ltd's holdings, making the stock its 21st largest position. Altshuler Shaham Ltd owned 0.09% of Rio Tinto at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Opal Capital LLC boosted its stake in Rio Tinto by 14.0% in the first quarter. Opal Capital LLC now owns 46,041 shares of the mining company's stock valued at $4,295,000 after acquiring an additional 5,665 shares in the last quarter. Amundi grew its holdings in shares of Rio Tinto by 1.3% during the first quarter. Amundi now owns 72,843 shares of the mining company's stock worth $6,796,000 after purchasing an additional 901 shares during the last quarter. Parvin Asset Management LLC increased its position in shares of Rio Tinto by 16.0% during the first quarter. Parvin Asset Management LLC now owns 4,905 shares of the mining company's stock worth $458,000 after purchasing an additional 675 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Rio Tinto by 43.0% during the first quarter. EverSource Wealth Advisors LLC now owns 5,134 shares of the mining company's stock worth $479,000 after purchasing an additional 1,544 shares in the last quarter. Finally, Recurrent Investment Advisors LLC lifted its holdings in shares of Rio Tinto by 4.6% in the 1st quarter. Recurrent Investment Advisors LLC now owns 27,247 shares of the mining company's stock valued at $2,542,000 after purchasing an additional 1,200 shares during the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Stock Down 0.4%

RIO opened at $91.61 on Wednesday. Rio Tinto PLC has a 52 week low of $58.40 and a 52 week high of $112.58. The business has a 50 day moving average price of $98.03 and a two-hundred day moving average price of $95.95. 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 (NYSE:RIO - Get Free Report) last announced its earnings results on Tuesday, July 28th. The mining company reported $2.03 earnings per share for the quarter, missing the consensus estimate of $4.09 by ($2.06). The business had revenue of $15.51 billion during the quarter, compared to the consensus estimate of $31.62 billion. On average, equities research analysts predict that Rio Tinto PLC will post 8.48 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RIO shares. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of Rio Tinto in a research note on Friday, May 15th. Zacks Research cut Rio Tinto from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 7th. Royal Bank Of Canada downgraded Rio Tinto from a "sector perform" rating to an "underperform" rating in a report on Wednesday, June 3rd. Sanford C. Bernstein raised their target price on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Finally, Morgan Stanley cut shares of Rio Tinto from an "equal weight" rating to an "underweight" rating in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rio Tinto currently has an average rating of "Hold" and a consensus target price of $101.75.

Rio Tinto News Roundup

Here are the key news stories impacting Rio Tinto this week:

• Positive Sentiment: Rio Tinto reported a significant improvement in first-half performance, with underlying EBITDA up 28% and free cash flow up 75%, helped by favorable commodity prices and operating improvements. Rio Tinto: Step-change in performance delivering higher shareholder returns
• Positive Sentiment: Copper-equivalent production increased 3%, while Copper, Aluminium and Lithium accounted for more than half of the portfolio, reinforcing Rio Tinto’s exposure to energy-transition commodities and improving diversification. Rio Tinto: Step-change in performance delivering higher shareholder returns
• Positive Sentiment: Analysts expected first-half earnings and the interim dividend to rise, and several investor commentaries continued to identify Rio Tinto as a buy or income-oriented holding. This may provide underlying support for the shares. Rio Tinto's First-Half Earnings, Dividend Expected to Rise
• Neutral Sentiment: Rio Tinto and Western Australia signed non-binding agreements to sell their joint-venture interests in the Dampier Seawater Desalination Plant to Yindjibarndi WaterCo. The proposed $1.1 billion transaction could generate cash and strengthen Indigenous partnerships, although completion remains subject to further conditions. Desalination Plant Proposed Sale
• Neutral Sentiment: A proposed Canadian settlement notice relates to litigation involving Rio Tinto and former Turquoise Hill executives. The financial impact is not specified, leaving the near-term stock effect uncertain. TRQ Securities Class Action Proposed Settlement

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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