Forbes J M & Co. LLP Buys 4,723 Shares of Rio Tinto PLC (NYSE:RIO)

Forbes J M & Co. LLP grew its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 5.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,606 shares of the mining company's stock after buying an additional 4,723 shares during the period. Forbes J M & Co. LLP's holdings in Rio Tinto were worth $5,684,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIO. Mechanics Financial Corp purchased a new position in Rio Tinto in the 4th quarter worth approximately $29,000. Alpine Bank Wealth Management purchased a new position in Rio Tinto in the 1st quarter worth approximately $30,000. Wayfinding Financial LLC purchased a new stake in shares of Rio Tinto in the 1st quarter valued at $30,000. Bfsg LLC boosted its stake in shares of Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock valued at $39,000 after purchasing an additional 633 shares in the last quarter. Finally, Ameriflex Group Inc. purchased a new stake in shares of Rio Tinto in the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Trading Down 1.1%

NYSE:RIO traded down $0.72 during midday trading on Friday, reaching $63.11. 2,954,203 shares of the stock traded hands, compared to its average volume of 3,859,372. The company has a fifty day moving average of $59.63 and a 200 day moving average of $60.25. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.13 and a current ratio of 1.63. The stock has a market capitalization of $79.14 billion, a P/E ratio of 9.78 and a beta of 0.66.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Wall Street Zen cut shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $73.00.

About Rio Tinto

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.