K.J. Harrison & Partners Inc Makes New Investment in Rio Tinto PLC $RIO

K.J. Harrison & Partners Inc bought a new position in shares of Rio Tinto PLC (NYSE:RIO) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 41,250 shares of the mining company’s stock, valued at approximately $2,406,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wayfinding Financial LLC acquired a new position in shares of Rio Tinto during the 1st quarter worth approximately $30,000. Pandora Wealth Inc. acquired a new position in shares of Rio Tinto during the 1st quarter worth approximately $30,000. Hilltop National Bank acquired a new position in shares of Rio Tinto during the 2nd quarter worth approximately $44,000. Resources Management Corp CT ADV acquired a new position in shares of Rio Tinto during the 1st quarter worth approximately $48,000. Finally, Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Rio Tinto by 65.1% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock worth $51,000 after purchasing an additional 336 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Price Performance

RIO opened at $71.88 on Monday. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average price is $65.76 and its 200 day moving average price is $62.11. Rio Tinto PLC has a one year low of $51.67 and a one year high of $73.76.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

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.