Oppenheimer Asset Management Inc. increased its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 7.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 179,432 shares of the mining company's stock after acquiring an additional 12,606 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Rio Tinto were worth $10,780,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rakuten Securities Inc. increased its holdings in Rio Tinto by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock worth $29,000 after acquiring an additional 211 shares in the last quarter. Mechanics Financial Corp purchased a new stake in Rio Tinto in the 4th quarter worth approximately $29,000. Bfsg LLC increased its holdings in Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after acquiring an additional 633 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in Rio Tinto during the 4th quarter valued at approximately $47,000. Finally, SJS Investment Consulting Inc. grew its holdings in Rio Tinto by 577.9% during the 1st quarter. SJS Investment Consulting Inc. now owns 922 shares of the mining company's stock valued at $55,000 after buying an additional 786 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.
Rio Tinto Price Performance
Shares of NYSE RIO traded down $0.46 during midday trading on Wednesday, reaching $56.73. 3,272,684 shares of the stock traded hands, compared to its average volume of 2,980,050. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.13. The stock has a market capitalization of $71.14 billion, a PE ratio of 8.80 and a beta of 0.68. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The company's 50 day moving average is $59.65 and its 200 day moving average is $60.26.
Analyst Ratings Changes
A number of equities research analysts have issued reports on RIO shares. JPMorgan Chase & Co. started coverage on shares of Rio Tinto in a report on Tuesday, March 18th. They set an "overweight" rating for the company. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Wednesday, April 16th. Clarkson Capital raised shares of Rio Tinto to a "strong-buy" rating in a report on Friday, February 28th. Wall Street Zen lowered shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $73.00.
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Rio Tinto Company Profile
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Free Report)
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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