Creative Planning Boosts Stock Position in Rio Tinto PLC $RIO

Creative Planning lifted its stake in shares of Rio Tinto PLC (NYSE:RIO) by 71.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 157,322 shares of the mining company’s stock after acquiring an additional 65,592 shares during the quarter. Creative Planning’s holdings in Rio Tinto were worth $9,177,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RIO. Pandora Wealth Inc. bought a new position in shares of Rio Tinto in the first quarter worth approximately $30,000. Hilltop National Bank purchased a new position in shares of Rio Tinto during the 2nd quarter valued at $44,000. Resources Management Corp CT ADV bought a new position in Rio Tinto in the 1st quarter worth $48,000. Cary Street Partners Investment Advisory LLC boosted its holdings in Rio Tinto by 65.1% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock worth $51,000 after buying an additional 336 shares during the period. Finally, Grove Bank & Trust increased its stake in Rio Tinto by 24.5% in the 2nd quarter. Grove Bank & Trust now owns 1,139 shares of the mining company’s stock worth $66,000 after buying an additional 224 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Price Performance

NYSE:RIO opened at $69.72 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $73.76. The business’s 50-day moving average is $67.53 and its 200 day moving average is $62.98.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RIO. Citigroup restated a “neutral” rating on shares of Rio Tinto in a research report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Three investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Rio Tinto currently has an average rating of “Moderate Buy” and an average price target 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.