Seascape Capital Management Invests $2.67 Million in Rio Tinto PLC $RIO

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

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new position in Rio Tinto during the first quarter worth about $35,000. QRG Capital Management Inc. increased its stake in shares of Rio Tinto by 17.3% in the 1st quarter. QRG Capital Management Inc. now owns 94,934 shares of the mining company’s stock valued at $8,856,000 after acquiring an additional 13,994 shares during the last quarter. Oxbow Advisors LLC increased its stake in shares of Rio Tinto by 5.4% in the 1st quarter. Oxbow Advisors LLC now owns 71,732 shares of the mining company’s stock valued at $6,692,000 after acquiring an additional 3,706 shares during the last quarter. HB Wealth Management LLC raised its position in shares of Rio Tinto by 15.2% in the 1st quarter. HB Wealth Management LLC now owns 7,005 shares of the mining company’s stock valued at $654,000 after acquiring an additional 923 shares during the period. Finally, Moran Wealth Management LLC raised its position in shares of Rio Tinto by 8.2% in the 1st quarter. Moran Wealth Management LLC now owns 117,834 shares of the mining company’s stock valued at $10,993,000 after acquiring an additional 8,943 shares during the period. Institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RIO. JPMorgan Chase & Co. cut shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Monday, March 9th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a report on Wednesday, May 20th. Bank of America cut shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Finally, DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $101.75.

Rio Tinto Stock Performance

NYSE:RIO 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. The business’s 50-day simple moving average is $102.14 and its 200-day simple moving average is $94.69. Rio Tinto PLC has a fifty-two week low of $57.65 and a fifty-two week high of $112.58.

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.