SummitTX Capital L.P. Raises Stock Holdings in Rio Tinto PLC $RIO

SummitTX Capital L.P. increased its stake in Rio Tinto PLC (NYSE:RIO) by 207.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,025 shares of the mining company’s stock after purchasing an additional 76,322 shares during the period. SummitTX Capital L.P.’s holdings in Rio Tinto were worth $10,544,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. AdvisorNet Financial Inc increased its holdings in shares of Rio Tinto by 160.2% in the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after buying an additional 181 shares during the last quarter. PFS Partners LLC purchased a new stake in shares of Rio Tinto during the 4th quarter valued at $28,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Rio Tinto during the 4th quarter worth $28,000. Trust Co. of Toledo NA OH bought a new stake in shares of Rio Tinto during the 4th quarter worth $34,000. Finally, Evelyn Partners Investment Management LLP purchased a new position in Rio Tinto in the fourth quarter worth $34,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $91.25 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a 52-week low of $58.40 and a 52-week high of $112.58. The company has a fifty day moving average of $98.44 and a 200-day moving average of $95.86.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. Zacks Research cut Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Bank of America lowered Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Argus set a $120.00 price objective on Rio Tinto in a report on Monday, April 27th. Finally, Royal Bank Of Canada cut Rio Tinto from a “sector perform” rating to an “underperform” rating in a report on Wednesday, June 3rd. One 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $101.75.

About Rio Tinto

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.