Cumberland Partners Ltd Makes New $1.19 Million Investment in Rio Tinto PLC $RIO

Key Points

• Cumberland Partners Ltd opened a new position in Rio Tinto during the first quarter, buying 12,700 shares worth about $1.19 million.
• Other institutions also increased or initiated stakes in Rio Tinto, and 19.33% of the stock is held by institutional investors and hedge funds.
• Analyst sentiment has softened: several firms cut ratings, and Rio Tinto now carries a consensus “Hold” rating with an average price target of $101.75.

Cumberland Partners Ltd purchased a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 12,700 shares of the mining company's stock, valued at approximately $1,185,000.

Several other institutional investors have also made changes to their positions in RIO. Shrier Wealth Management LLC acquired a new position in shares of Rio Tinto during the 4th quarter worth $1,280,000. QSM Asset Management Ltd lifted its stake in shares of Rio Tinto by 32.1% in the 4th quarter. QSM Asset Management Ltd now owns 230,700 shares of the mining company's stock valued at $18,463,000 after purchasing an additional 56,000 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in Rio Tinto by 16.7% in the fourth quarter. D.A. Davidson & CO. now owns 124,182 shares of the mining company's stock worth $9,938,000 after purchasing an additional 17,786 shares in the last quarter. Oak Harvest Investment Services bought a new stake in Rio Tinto in the fourth quarter worth $15,210,000. Finally, Vanguard Capital Wealth Advisors bought a new stake in Rio Tinto in the fourth quarter worth $955,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Trading Down 0.3%

Shares of RIO 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. Rio Tinto PLC has a one year low of $58.40 and a one year high of $112.58. The company's fifty day moving average price is $98.44 and its 200 day moving average price is $95.77.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Bank of America lowered Rio Tinto from a "buy" rating to a "neutral" rating in a report on Friday, May 22nd. Morgan Stanley downgraded Rio Tinto from an "equal weight" rating to an "underweight" rating in a research note on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of Rio Tinto in a report on Friday, May 15th. Royal Bank Of Canada cut Rio Tinto from a "sector perform" rating to an "underperform" rating in a research report on Wednesday, June 3rd. Finally, DZ Bank upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $101.75.

About Rio Tinto

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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