QRG Capital Management Inc. Raises Stock Holdings in Rio Tinto PLC $RIO

QRG Capital Management Inc. lifted its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 17.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,934 shares of the mining company’s stock after acquiring an additional 13,994 shares during the period. QRG Capital Management Inc.’s holdings in Rio Tinto were worth $8,856,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of RIO. Glen Eagle Advisors LLC raised its holdings in shares of Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock valued at $36,000 after buying an additional 110 shares during the last quarter. Wealth Quarterback LLC lifted its position in Rio Tinto by 1.8% during the 4th quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock worth $523,000 after acquiring an additional 118 shares during the period. Americana Partners LLC grew its stake in shares of Rio Tinto by 0.8% in the 4th quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after purchasing an additional 120 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Rio Tinto by 19.1% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock valued at $62,000 after purchasing an additional 124 shares during the period. Finally, Bailard Inc. raised its stake in shares of Rio Tinto by 1.1% during the fourth quarter. Bailard Inc. now owns 12,306 shares of the mining company’s stock worth $985,000 after purchasing an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Price Performance

RIO opened at $94.44 on Friday. Rio Tinto PLC has a 1 year low of $57.65 and a 1 year high of $112.58. The company’s 50 day simple moving average is $102.14 and its 200 day simple moving average is $94.56. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RIO. Royal Bank Of Canada downgraded shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, June 3rd. Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a report on Tuesday, May 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Rio Tinto in a research report on Wednesday, May 20th. JPMorgan Chase & Co. cut Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. Finally, Bank of America lowered shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.