SummitTX Capital L.P. Raises Stake in Rio Tinto PLC $RIO

Key Points

• SummitTX Capital increased its Rio Tinto stake by 207.9% in the first quarter, ending with 113,025 shares valued at approximately $10.54 million.
• Institutional ownership remains significant, with hedge funds and other institutional investors holding 19.33% of Rio Tinto’s stock; several firms initiated or expanded positions during the quarter.
• Analyst sentiment is mixed: Rio Tinto has an average “Hold” rating and a consensus price target of $101.75, while shares recently opened at $91.25.

SummitTX Capital L.P. boosted its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 207.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 113,025 shares of the mining company's stock after buying an additional 76,322 shares during the quarter. SummitTX Capital L.P.'s holdings in Rio Tinto were worth $10,544,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Gateway Wealth Partners LLC purchased a new position in Rio Tinto in the first quarter valued at about $266,000. Everest Financial Group LLC bought a new position in shares of Rio Tinto during the 1st quarter valued at approximately $267,000. Waverly Advisors LLC increased its stake in shares of Rio Tinto by 3.0% during the 1st quarter. Waverly Advisors LLC now owns 35,449 shares of the mining company's stock worth $3,307,000 after purchasing an additional 1,032 shares during the last quarter. Wealth Alliance LLC purchased a new stake in shares of Rio Tinto during the 1st quarter worth approximately $527,000. Finally, Cumberland Partners Ltd bought a new stake in shares of Rio Tinto in the 1st quarter worth approximately $1,185,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Analyst Ratings Changes

RIO has been the topic of several research analyst reports. Sanford C. Bernstein upped their price objective on Rio Tinto from $82.00 to $83.50 and gave the company an "outperform" rating in a research note on Monday, April 27th. Argus set a $120.00 target price on Rio Tinto in a research report on Monday, April 27th. DZ Bank upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Bank of America cut Rio Tinto from a "buy" rating to a "neutral" rating in a research report on Friday, May 22nd. Finally, Zacks Research downgraded Rio Tinto from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $101.75.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $91.25 on Monday. The firm has a fifty day moving average price of $98.44 and a two-hundred day moving average price of $95.86. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. Rio Tinto PLC has a one year low of $58.40 and a one year high of $112.58.

Rio Tinto Profile

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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