Moran Wealth Management LLC Has $10.99 Million Stock Position in Rio Tinto PLC $RIO

Moran Wealth Management LLC lifted its position in Rio Tinto PLC (NYSE:RIO) by 8.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 117,834 shares of the mining company’s stock after buying an additional 8,943 shares during the period. Moran Wealth Management LLC’s holdings in Rio Tinto were worth $10,993,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. AdvisorNet Financial Inc lifted its holdings in Rio Tinto by 160.2% during the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after acquiring an additional 181 shares in the last quarter. PFS Partners LLC bought a new stake in shares of Rio Tinto in the fourth quarter worth about $28,000. Nvest Wealth Strategies Inc. acquired a new stake in shares of Rio Tinto during the fourth quarter worth about $28,000. Trust Co. of Toledo NA OH acquired a new stake in shares of Rio Tinto during the fourth quarter worth about $34,000. Finally, Evelyn Partners Investment Management LLP bought a new position in shares of Rio Tinto during the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

RIO has been the subject of several research analyst reports. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. Sanford C. Bernstein lifted their price target on shares of Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research note on Monday, April 27th. Bank of America cut shares of Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Finally, Zacks Research lowered shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $101.75.

Rio Tinto Price Performance

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

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.