Mission Wealth Management LP Sells 353 Shares of Rio Tinto PLC (NYSE:RIO)

Mission Wealth Management LP decreased its holdings in Rio Tinto PLC (NYSE:RIO) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,305 shares of the mining company’s stock after selling 353 shares during the quarter. Mission Wealth Management LP’s holdings in Rio Tinto were worth $559,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Rio Tinto by 3.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 98,686 shares of the mining company’s stock valued at $5,929,000 after purchasing an additional 3,481 shares during the last quarter. Elevation Point Wealth Partners LLC lifted its position in shares of Rio Tinto by 4.6% in the first quarter. Elevation Point Wealth Partners LLC now owns 10,658 shares of the mining company’s stock worth $640,000 after purchasing an additional 467 shares in the last quarter. Marshall Financial Group LLC lifted its position in shares of Rio Tinto by 14.4% in the first quarter. Marshall Financial Group LLC now owns 15,761 shares of the mining company’s stock worth $947,000 after purchasing an additional 1,987 shares in the last quarter. Quintet Private Bank Europe S.A. increased its holdings in Rio Tinto by 10.0% during the first quarter. Quintet Private Bank Europe S.A. now owns 2,200 shares of the mining company’s stock worth $132,000 after buying an additional 200 shares during the last quarter. Finally, Rockland Trust Co. acquired a new position in Rio Tinto during the first quarter worth $204,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $56.92 on Thursday. The company has a current ratio of 1.63, a quick ratio of 1.13 and a debt-to-equity ratio of 0.23. The stock’s fifty day simple moving average is $59.64 and its two-hundred day simple moving average is $60.48. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $72.08. The stock has a market cap of $71.38 billion, a PE ratio of 8.83 and a beta of 0.68.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Rio Tinto in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Wall Street Zen cut shares of Rio Tinto from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 28th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Clarkson Capital raised shares of Rio Tinto to a “strong-buy” rating in a report on Friday, February 28th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Rio Tinto presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.