Independent Financial Group LLC Acquires New Shares in Rio Tinto PLC $RIO

Independent Financial Group LLC bought a new stake in Rio Tinto PLC (NYSE:RIO) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,360 shares of the mining company’s stock, valued at approximately $780,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Westover Capital Advisors LLC boosted its stake in shares of Rio Tinto by 221.9% in the 1st quarter. Westover Capital Advisors LLC now owns 10,300 shares of the mining company’s stock valued at $961,000 after purchasing an additional 7,100 shares in the last quarter. Marks Group Wealth Management Inc boosted its position in Rio Tinto by 298.4% in the first quarter. Marks Group Wealth Management Inc now owns 14,558 shares of the mining company’s stock valued at $1,358,000 after buying an additional 10,904 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Rio Tinto by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 137,651 shares of the mining company’s stock worth $12,841,000 after buying an additional 2,071 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Rio Tinto by 12.8% during the first quarter. Sanctuary Advisors LLC now owns 126,914 shares of the mining company’s stock worth $11,840,000 after buying an additional 14,436 shares in the last quarter. Finally, Sigma Planning Corp lifted its stake in shares of Rio Tinto by 538.0% in the 1st quarter. Sigma Planning Corp now owns 16,831 shares of the mining company’s stock valued at $1,570,000 after acquiring an additional 14,193 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Price Performance

NYSE RIO opened at $90.54 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. Rio Tinto PLC has a twelve month low of $58.40 and a twelve month high of $112.58. The stock has a fifty day simple moving average of $99.44 and a 200 day simple moving average of $95.64.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Sanford C. Bernstein boosted their price objective on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Morgan Stanley lowered Rio Tinto from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, July 8th. Argus set a $120.00 price target on Rio Tinto in a report on Monday, April 27th. Zacks Research lowered shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $101.75.

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.