Rio Tinto PLC (NYSE:RIO) Position Reduced by Moran Wealth Management LLC

Moran Wealth Management LLC trimmed its position in Rio Tinto PLC (NYSE:RIO) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,506 shares of the mining company’s stock after selling 740 shares during the quarter. Moran Wealth Management LLC’s holdings in Rio Tinto were worth $5,738,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Rakuten Securities Inc. boosted its stake in Rio Tinto by 74.8% in the 4th 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 period. Mechanics Financial Corp purchased a new stake in shares of Rio Tinto in the fourth quarter valued at $29,000. Bfsg LLC boosted its position 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 buying an additional 633 shares during the period. Ameriflex Group Inc. acquired a new stake in shares of Rio Tinto in the fourth quarter worth $47,000. Finally, SJS Investment Consulting Inc. grew its holdings in shares of Rio Tinto by 577.9% during the first quarter. SJS Investment Consulting Inc. now owns 922 shares of the mining company’s stock valued at $55,000 after buying an additional 786 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Stock Down 0.8%

Shares of Rio Tinto stock opened at $56.73 on Thursday. The firm has a market cap of $71.14 billion, a price-to-earnings ratio of 8.80 and a beta of 0.68. The stock has a 50-day simple moving average of $59.65 and a 200-day simple moving average of $60.26. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. 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 Ratings Changes

Several equities research analysts recently issued reports on RIO shares. Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Wall Street Zen lowered shares of Rio Tinto from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 28th. Barclays restated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, April 16th. Clarkson Capital upgraded shares of Rio Tinto to a “strong-buy” rating in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. started coverage on shares of Rio Tinto in a research note on Tuesday, March 18th. They set an “overweight” rating for the company. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.