HB Wealth Management LLC Takes $299,000 Position in Rio Tinto PLC (NYSE:RIO)

Key Points

• HB Wealth Management LLC purchased a new stake in Rio Tinto PLC, acquiring 4,973 shares worth approximately $299,000 in the 1st quarter, indicating strong institutional interest in the company.
• Several other institutional investors also increased their holdings, with notable increases from Bfsg LLC and SJS Investment Consulting Inc., showcasing a growing confidence in Rio Tinto's potential.
• Wall Street maintains a consensus rating of "Moderate Buy" for Rio Tinto shares, with an average target price of $73.00, reflecting optimistic growth forecasts from analysts.

HB Wealth Management LLC acquired a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,973 shares of the mining company's stock, valued at approximately $299,000.

Several other large investors have also recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new stake in Rio Tinto in the fourth quarter valued at $1,241,000. Rossby Financial LCC acquired a new position in Rio Tinto during the fourth quarter worth about $360,000. Farther Finance Advisors LLC grew its holdings in Rio Tinto by 24.2% during the first 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 period. Schroder Investment Management Group grew its holdings in Rio Tinto by 3.2% during the fourth 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 period. Finally, Norges Bank acquired a new position in Rio Tinto during the fourth quarter worth about $432,000. 19.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Rio Tinto Stock Down 0.3%

NYSE RIO traded down $0.15 during trading on Friday, reaching $59.62. 2,712,907 shares of the company's stock were exchanged, compared to its average volume of 3,940,162. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $72.08. The firm has a market capitalization of $74.77 billion, a PE ratio of 9.24 and a beta of 0.64. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company's fifty day simple moving average is $59.52 and its 200-day simple moving average is $60.30.

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.