one8zero8 LLC Purchases New Position in Rio Tinto PLC (NYSE:RIO)

Key Points

• one8zero8 LLC acquired 4,133 shares of Rio Tinto PLC, valued at approximately $248,000, signaling increased interest in the mining company.
• Rio Tinto's shares were reported down 1.1%, with the stock opening at $63.11 and a market capitalization of $79.14 billion.
• Analysts have generally given Rio Tinto a consensus rating of "Moderate Buy", with a target price of $73.00, reflecting ongoing confidence in the company's growth potential.

one8zero8 LLC bought a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,133 shares of the mining company's stock, valued at approximately $248,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American Century Companies Inc. increased its stake in shares of Rio Tinto by 6.4% during the 4th quarter. American Century Companies Inc. now owns 269,070 shares of the mining company's stock worth $15,824,000 after purchasing an additional 16,218 shares during the last quarter. Blair William & Co. IL boosted its holdings in Rio Tinto by 42.1% in the 4th quarter. Blair William & Co. IL now owns 17,493 shares of the mining company's stock valued at $1,029,000 after purchasing an additional 5,182 shares during the period. Norges Bank bought a new position in Rio Tinto in the 4th quarter valued at $432,000. Orion Portfolio Solutions LLC lifted its holdings in shares of Rio Tinto by 7.4% during the 4th quarter. Orion Portfolio Solutions LLC now owns 47,592 shares of the mining company's stock worth $2,799,000 after acquiring an additional 3,261 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Rio Tinto by 148.5% during the 4th quarter. Brown Brothers Harriman & Co. now owns 2,092 shares of the mining company's stock worth $123,000 after acquiring an additional 1,250 shares during the last quarter. 19.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RIO. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Wall Street Zen cut shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Trading Up 0.4%

Shares of RIO stock traded up $0.26 during mid-day trading on Thursday, reaching $59.75. The stock had a trading volume of 2,978,789 shares, compared to its average volume of 3,382,151. The stock's 50-day moving average price is $59.58 and its two-hundred day moving average price is $60.31. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. The firm has a market capitalization of $74.92 billion, a PE ratio of 9.28 and a beta of 0.66. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23.

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.