Beacon Pointe Advisors LLC Takes Position in Rio Tinto PLC $RIO

Beacon Pointe Advisors LLC bought a new position in shares of Rio Tinto PLC (NYSE:RIO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 9,258 shares of the mining company’s stock, valued at approximately $540,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pandora Wealth Inc. bought a new position in Rio Tinto in the 1st quarter worth approximately $30,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Rio Tinto during the second quarter valued at approximately $38,000. MTM Investment Management LLC purchased a new position in shares of Rio Tinto in the second quarter worth $43,000. Hilltop National Bank purchased a new position in Rio Tinto during the second quarter valued at $44,000. Finally, Resources Management Corp CT ADV bought a new stake in Rio Tinto in the 1st quarter valued at $48,000. Institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

RIO has been the subject of several research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 1st. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Monday, December 1st. Citigroup reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Finally, Zacks Research cut Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Stock Down 1.0%

Shares of RIO stock opened at $73.01 on Monday. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $74.53. The stock’s 50 day simple moving average is $69.70 and its two-hundred day simple moving average is $63.93. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

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.