Elevation Point Wealth Partners LLC Boosts Holdings in Rio Tinto PLC $RIO

Elevation Point Wealth Partners LLC increased its position in shares of Rio Tinto PLC (NYSE:RIO) by 222.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,865 shares of the mining company’s stock after buying an additional 11,628 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Rio Tinto were worth $1,588,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in RIO. Fisher Asset Management LLC raised its position in shares of Rio Tinto by 2.7% during the 4th quarter. Fisher Asset Management LLC now owns 19,642,744 shares of the mining company’s stock valued at $1,572,009,000 after acquiring an additional 522,576 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Rio Tinto by 170.8% during the 4th 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 during the period. Bank of America Corp DE boosted its position in shares of Rio Tinto by 31.9% during the third quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock worth $208,430,000 after buying an additional 763,786 shares during the period. Bank of Montreal Can grew its holdings in Rio Tinto by 8.6% in the 4th quarter. Bank of Montreal Can now owns 2,221,469 shares of the mining company’s stock worth $177,784,000 after buying an additional 175,833 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings 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 worth $177,421,000 after buying an additional 1,122,667 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Price Performance

Shares of NYSE RIO opened at $94.44 on Monday. The stock’s fifty day simple moving average is $102.14 and its 200 day simple moving average is $94.69. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. Rio Tinto PLC has a 52-week low of $57.65 and a 52-week high of $112.58.

Analysts Set New Price Targets

RIO has been the topic of a number of recent analyst reports. Citigroup restated a “neutral” rating on shares of Rio Tinto in a research note on Tuesday, May 26th. Sanford C. Bernstein raised their price objective 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 Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Argus set a $120.00 target price on Rio Tinto in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. cut Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $101.75.

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.