Forbes J M & Co. LLP Increases Position in Rio Tinto PLC (NYSE:RIO)

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of RIO. XTX Topco Ltd purchased a new position in shares of Rio Tinto in the 4th quarter worth $1,241,000. Rossby Financial LCC bought a new stake in shares of Rio Tinto in the 4th quarter worth about $360,000. Farther Finance Advisors LLC lifted its holdings in shares of Rio Tinto by 24.2% in the 1st quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock worth $242,000 after acquiring an additional 785 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Rio Tinto by 3.2% in the 4th quarter. Schroder Investment Management Group now owns 32,258 shares of the mining company's stock worth $1,890,000 after acquiring an additional 1,009 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Rio Tinto in the 4th quarter worth about $432,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on RIO. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Wall Street Zen lowered shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Finally, Barclays restated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Up 3.7%

Shares of Rio Tinto stock opened at $64.33 on Wednesday. The firm's 50 day moving average price is $59.50 and its 200-day moving average price is $60.10. The company has a quick ratio of 1.13, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. The company has a market cap of $80.67 billion, a P/E ratio of 9.97 and a beta of 0.66.

Rio Tinto Profile

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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