BKM Wealth Management LLC Acquires New Position in Rio Tinto PLC $RIO

BKM Wealth Management LLC acquired a new position in Rio Tinto PLC (NYSE:RIO) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,350 shares of the mining company’s stock, valued at approximately $872,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RIO. Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of Rio Tinto by 21.6% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,126,445 shares of the mining company’s stock worth $74,357,000 after buying an additional 199,962 shares in the last quarter. Shrier Wealth Management LLC purchased a new position in Rio Tinto in the fourth quarter worth about $1,280,000. Fisher Asset Management LLC grew its position in Rio Tinto by 3.0% in the third quarter. Fisher Asset Management LLC now owns 19,120,168 shares of the mining company’s stock worth $1,262,122,000 after acquiring an additional 557,234 shares in the last quarter. QSM Asset Management Ltd increased its stake in Rio Tinto by 32.1% during the fourth quarter. QSM Asset Management Ltd now owns 230,700 shares of the mining company’s stock worth $18,463,000 after acquiring an additional 56,000 shares during the last quarter. Finally, Commons Capital LLC bought a new stake in Rio Tinto during the third quarter worth approximately $1,980,000. Institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on RIO. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Royal Bank Of Canada downgraded shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 3rd. Sanford C. Bernstein lifted their price target on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $101.75.

Rio Tinto Trading Down 1.3%

Shares of NYSE:RIO opened at $93.87 on Friday. Rio Tinto PLC has a 52-week low of $57.65 and a 52-week high of $112.58. The business’s 50 day moving average is $102.66 and its 200 day moving average is $93.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98.

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.