Lmcg Investments LLC Grows Stake in Rio Tinto PLC $RIO

Lmcg Investments LLC grew its stake in shares of Rio Tinto PLC (NYSE:RIO) by 12.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,620 shares of the mining company’s stock after purchasing an additional 6,229 shares during the quarter. Lmcg Investments LLC’s holdings in Rio Tinto were worth $5,375,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. AdvisorNet Financial Inc grew its stake in shares of Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after buying an additional 181 shares in the last quarter. PFS Partners LLC purchased a new stake in shares of Rio Tinto during the 4th quarter valued at about $28,000. Nvest Wealth Strategies Inc. acquired a new position in Rio Tinto during the 4th quarter worth approximately $28,000. Trust Co. of Toledo NA OH acquired a new position in Rio Tinto during the 4th quarter worth approximately $34,000. Finally, Evelyn Partners Investment Management LLP purchased a new position in Rio Tinto in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RIO. Bank of America downgraded shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Sanford C. Bernstein boosted their target price on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Rio Tinto in a report on Wednesday, May 20th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $101.75.

Key Headlines Impacting Rio Tinto

Here are the key news stories impacting Rio Tinto this week:

• Neutral Sentiment: Jefferies maintained its Hold rating on Rio Tinto, offering no fresh catalyst to change the stock’s direction. Jefferies Sticks to Its Hold Rating for Rio Tinto (RIO)
• Neutral Sentiment: Rio Tinto ended its partnership in Sovereign Metals’ Malawi project after declining an option to become operator, with the company citing a shift in corporate strategy and a review of its iron and titanium business. Rio Tinto concludes partnership in Sovereign’s Malawi project
• Neutral Sentiment: Related coverage says Sovereign Metals will now pursue its Kasiya project more independently and refocus on a US critical minerals strategy after Rio Tinto stepped back, which suggests Rio is narrowing its exposure rather than expanding it. Sovereign Metals plans US strategic minerals pivot for Kasiya project as Rio Tinto passes on project option
• Neutral Sentiment: Rio Tinto also appeared in broader market commentary showing miners under pressure in London trading, which may be adding to weakness in the shares. FTSE 100 Live: Shell and consumer giants make gains, while miners and defence sell off

Rio Tinto Stock Down 2.5%

Shares of RIO stock opened at $88.97 on Thursday. 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 1-year low of $58.15 and a 1-year high of $112.58. The firm has a fifty day moving average of $101.64 and a two-hundred day moving average of $94.99.

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.