Pacific Heights Asset Management LLC boosted its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 300.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 300,000 shares of the mining company's stock after acquiring an additional 225,000 shares during the period. Rio Tinto accounts for 1.2% of Pacific Heights Asset Management LLC's holdings, making the stock its 20th biggest position. Pacific Heights Asset Management LLC's holdings in Rio Tinto were worth $18,024,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC raised its holdings in Rio Tinto by 2.0% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company's stock valued at $477,000 after acquiring an additional 160 shares in the last quarter. Capital Analysts LLC increased its stake in shares of Rio Tinto by 6.0% in the 4th quarter. Capital Analysts LLC now owns 2,886 shares of the mining company's stock valued at $170,000 after purchasing an additional 163 shares during the last quarter. Nemes Rush Group LLC grew its holdings in shares of Rio Tinto by 10.0% during the fourth quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company's stock worth $109,000 after purchasing an additional 169 shares during the last quarter. Walker Asset Management LLC grew its holdings in shares of Rio Tinto by 4.8% during the first quarter. Walker Asset Management LLC now owns 4,326 shares of the mining company's stock worth $260,000 after purchasing an additional 200 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. grew its holdings in shares of Rio Tinto by 10.0% during the first quarter. Quintet Private Bank Europe S.A. now owns 2,200 shares of the mining company's stock worth $132,000 after purchasing an additional 200 shares during the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.
Rio Tinto Stock Performance
Shares of RIO stock traded down $1.30 on Monday, hitting $57.72. 4,489,600 shares of the stock were exchanged, compared to its average volume of 3,056,935. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $72.38 billion, a PE ratio of 8.95 and a beta of 0.66. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The firm's 50 day moving average is $59.56 and its two-hundred day moving average is $60.06.
Analyst Ratings Changes
RIO has been the topic of several analyst reports. Morgan Stanley cut Rio Tinto from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Barclays reissued an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. DZ Bank raised Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Thursday, March 27th. Finally, Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.
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About Rio Tinto
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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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