BKM Wealth Management LLC Invests $872,000 in Rio Tinto PLC $RIO

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

Several other institutional investors also recently bought and sold shares of the business. Fisher Asset Management LLC raised its stake in Rio Tinto by 2.7% in the fourth quarter. Fisher Asset Management LLC now owns 19,642,744 shares of the mining company’s stock worth $1,572,009,000 after buying an additional 522,576 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Rio Tinto by 170.8% in 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 acquiring an additional 2,451,140 shares during the period. Bank of America Corp DE increased its holdings in shares of Rio Tinto by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock valued at $208,430,000 after acquiring an additional 763,786 shares during the period. Bank of Montreal Can raised its position in shares of 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 acquiring an additional 175,833 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of 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 acquiring an additional 1,122,667 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Trading Down 1.3%

NYSE RIO opened at $93.87 on Friday. Rio Tinto PLC has a 12-month low of $57.65 and a 12-month high of $112.58. The company has a fifty day simple moving average of $102.66 and a two-hundred day simple moving average of $93.89. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33.

Wall Street Analyst Weigh In

RIO has been the topic of a number of recent research reports. Zacks Research downgraded Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Argus set a $120.00 price target on shares of Rio Tinto in a research report on Monday, April 27th. Bank of America downgraded shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. downgraded shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Monday, March 9th. Finally, Royal Bank Of Canada downgraded Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rio Tinto currently has an average rating of “Hold” and an average price target of $101.75.

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.