Moran Wealth Management LLC Buys 8,943 Shares of Rio Tinto PLC $RIO

Moran Wealth Management LLC lifted its stake in shares of Rio Tinto PLC (NYSE:RIO) by 8.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 117,834 shares of the mining company’s stock after purchasing 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 reporting period.

Several other hedge funds have also modified their holdings of the stock. AdvisorNet Financial Inc lifted its holdings in Rio Tinto by 160.2% during 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 in the last quarter. PFS Partners LLC acquired a new stake in shares of Rio Tinto in the 4th quarter valued at $28,000. Nvest Wealth Strategies Inc. acquired a new stake in shares of Rio Tinto in the 4th quarter valued at $28,000. Evelyn Partners Investment Management LLP bought a new stake in shares of Rio Tinto during the fourth quarter worth $34,000. Finally, Trust Co. of Toledo NA OH bought a new stake in shares of Rio Tinto during the fourth quarter worth $34,000. 19.33% of the stock is owned by institutional investors.

Analyst Ratings Changes

RIO has been the topic of several recent research reports. Royal Bank Of Canada cut Rio Tinto from a “sector perform” rating to an “underperform” rating in a report on Wednesday, June 3rd. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a report on Tuesday, May 26th. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Sanford C. Bernstein raised their target price 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. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. One 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.com, the company currently has an average rating of “Hold” and an average price target of $101.75.

Rio Tinto Trading Up 0.0%

NYSE RIO opened at $94.44 on Friday. Rio Tinto PLC has a 12 month low of $57.65 and a 12 month high of $112.58. The stock has a 50-day simple moving average of $102.14 and a 200 day simple moving average of $94.56. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33.

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.