Massachusetts Financial Services Co. MA Purchases 34,627 Shares of Rio Tinto PLC (NYSE:RIO)

Massachusetts Financial Services Co. MA raised its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 202,117 shares of the mining company's stock after purchasing an additional 34,627 shares during the period. Massachusetts Financial Services Co. MA's holdings in Rio Tinto were worth $12,143,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. XTX Topco Ltd purchased a new position in shares of Rio Tinto in the 4th quarter worth approximately $1,241,000. Rossby Financial LCC purchased a new position in shares of Rio Tinto in the 4th quarter worth approximately $360,000. Farther Finance Advisors LLC raised 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 purchasing an additional 785 shares during the period. Schroder Investment Management Group raised 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 purchasing an additional 1,009 shares during the period. Finally, Norges Bank bought a new stake in shares of Rio Tinto in the 4th quarter worth approximately $432,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Price Performance

Shares of Rio Tinto stock traded up $0.25 during trading on Wednesday, hitting $64.58. The stock had a trading volume of 2,898,599 shares, compared to its average volume of 3,122,837. The firm has a market cap of $80.98 billion, a price-to-earnings ratio of 10.01 and a beta of 0.66. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The business's 50-day moving average is $59.60 and its 200 day moving average is $60.18. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23.

Analyst Ratings Changes

RIO has been the topic of a number of research reports. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. DZ Bank upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Finally, Barclays reissued an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Four analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Rio Tinto currently has an average rating of "Moderate Buy" and a consensus 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.