Perigon Wealth Management LLC Raises Stake in Rio Tinto PLC (NYSE:RIO)

Perigon Wealth Management LLC increased its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 57.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 17,078 shares of the mining company's stock after buying an additional 6,246 shares during the quarter. Perigon Wealth Management LLC's holdings in Rio Tinto were worth $1,026,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Rakuten Securities Inc. increased its position in shares of Rio Tinto by 74.8% in the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock worth $29,000 after purchasing an additional 211 shares during the last quarter. Mechanics Financial Corp bought a new position in shares of Rio Tinto in the fourth quarter worth approximately $29,000. Alpine Bank Wealth Management bought a new position in shares of Rio Tinto in the first quarter worth approximately $30,000. Bfsg LLC grew its holdings in shares of Rio Tinto by 5,754.5% in the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after purchasing an additional 633 shares during the last quarter. Finally, Ameriflex Group Inc. bought a new position in shares of Rio Tinto in the fourth quarter worth approximately $47,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Price Performance

Shares of RIO stock opened at $58.73 on Friday. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $72.08. The stock's 50-day moving average is $59.67 and its 200 day moving average is $60.14. The company has a market cap of $73.64 billion, a P/E ratio of 9.10 and a beta of 0.68. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.13.

Analyst Upgrades and Downgrades

RIO has been the topic of several recent analyst reports. DZ Bank upgraded shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Wall Street Zen cut shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Morgan Stanley cut shares of Rio Tinto from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. began coverage on shares of Rio Tinto in a report on Tuesday, March 18th. They set an "overweight" rating on the stock. Four research analysts have rated the stock with a hold rating, five have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.

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