Seascape Capital Management Acquires New Stake in Rio Tinto PLC $RIO

Seascape Capital Management bought a new position in Rio Tinto PLC (NYSE:RIO) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 28,569 shares of the mining company’s stock, valued at approximately $2,665,000.

Other large investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Rio Tinto by 170.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company’s stock valued at $311,023,000 after purchasing an additional 2,451,140 shares in the last quarter. Milford Funds Ltd. bought a new position in shares of Rio Tinto during the fourth quarter worth about $93,143,000. Deutsche Bank AG raised its position in Rio Tinto by 102.6% in the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company’s stock valued at $177,421,000 after buying an additional 1,122,667 shares during the last quarter. Natixis Advisors LLC raised its position in Rio Tinto by 144.7% in the 4th quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company’s stock valued at $127,039,000 after buying an additional 938,687 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Rio Tinto by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock valued at $208,430,000 after acquiring an additional 763,786 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $94.44 on Monday. 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 PLC has a 12-month low of $57.65 and a 12-month high of $112.58. The business’s 50 day moving average is $102.14 and its 200-day moving average is $94.69.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RIO shares. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Royal Bank Of Canada lowered shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. downgraded shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Monday, March 9th. Finally, Argus set a $120.00 price objective on Rio Tinto in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $101.75.

Rio Tinto Company 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.