Perigon Wealth Management LLC Acquires 6,246 Shares of Rio Tinto PLC (NYSE:RIO)

Perigon Wealth Management LLC raised its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 57.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,078 shares of the mining company's stock after acquiring 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 reporting period.

Several other hedge funds have also recently bought and sold shares of RIO. Rakuten Securities Inc. lifted its holdings in shares of Rio Tinto by 74.8% during the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock worth $29,000 after buying an additional 211 shares in the last quarter. Mechanics Financial Corp bought a new position in Rio Tinto in the fourth quarter valued at approximately $29,000. Alpine Bank Wealth Management acquired a new position in shares of Rio Tinto during the 1st quarter worth $30,000. Bfsg LLC boosted its stake in shares of Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock valued at $39,000 after purchasing an additional 633 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in Rio Tinto in the fourth quarter valued at approximately $47,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RIO has been the subject of a number of research reports. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, April 16th. Wall Street Zen cut Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. DZ Bank upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Morgan Stanley lowered shares of Rio Tinto from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Stock Up 2.8%

NYSE:RIO traded up $1.64 during trading hours on Wednesday, reaching $59.94. 5,811,681 shares of the company traded hands, compared to its average volume of 3,026,145. The stock has a market capitalization of $75.16 billion, a P/E ratio of 9.29 and a beta of 0.66. The business's 50-day moving average price is $59.64 and its two-hundred day moving average price is $60.08. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $72.08. 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.