Renaissance Technologies LLC Purchases 779,200 Shares of Rio Tinto PLC $RIO

Key Points

• Renaissance Technologies significantly increased its stake in Rio Tinto during the first quarter, boosting its holdings by 417.6% to 965,800 shares worth about $90.1 million.
• Other institutional investors also added to or initiated positions in Rio Tinto, and hedge funds and institutions now own 19.33% of the company.
• Rio Tinto shares were down 0.3% to $91.25, while Wall Street’s consensus view remains Hold with an average target price of $101.75.

Renaissance Technologies LLC grew its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 417.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 965,800 shares of the mining company's stock after buying an additional 779,200 shares during the period. Renaissance Technologies LLC owned 0.08% of Rio Tinto worth $90,099,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RIO. AdvisorNet Financial Inc lifted its holdings in Rio Tinto by 160.2% during the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company's stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. PFS Partners LLC purchased a new position in shares of Rio Tinto in the fourth quarter worth about $28,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Rio Tinto in the fourth quarter valued at approximately $28,000. V Square Quantitative Management LLC bought a new stake in shares of Rio Tinto in the first quarter valued at approximately $35,000. Finally, Costello Asset Management INC purchased a new stake in shares of Rio Tinto during the 1st quarter valued at approximately $37,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Stock Down 0.3%

RIO stock opened at $91.25 on Friday. The firm has a 50 day moving average of $98.44 and a 200-day moving average of $95.77. Rio Tinto PLC has a 12 month low of $58.40 and a 12 month high of $112.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.

Wall Street Analyst Weigh In

RIO has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of Rio Tinto in a research note on Friday, May 15th. Zacks Research lowered Rio Tinto from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 7th. Sanford C. Bernstein lifted their price target on Rio Tinto from $82.00 to $83.50 and gave the company an "outperform" rating in a research report on Monday, April 27th. Citigroup reiterated a "neutral" rating on shares of Rio Tinto in a research note on Thursday, July 9th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Rio Tinto in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Rio Tinto currently has an average rating of "Hold" and an average target price of $101.75.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company's activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.

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