QRG Capital Management Inc. Raises Stake in Rio Tinto PLC $RIO

QRG Capital Management Inc. increased its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 17.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 94,934 shares of the mining company’s stock after purchasing an additional 13,994 shares during the quarter. QRG Capital Management Inc.’s holdings in Rio Tinto were worth $8,856,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Oxbow Advisors LLC grew its stake in Rio Tinto by 5.4% during the first quarter. Oxbow Advisors LLC now owns 71,732 shares of the mining company’s stock worth $6,692,000 after buying an additional 3,706 shares during the period. HB Wealth Management LLC raised its stake 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. Moran Wealth Management LLC lifted its holdings in shares of Rio Tinto by 8.2% during 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 in the last quarter. Y Intercept Hong Kong Ltd boosted its position in Rio Tinto by 275.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 39,832 shares of the mining company’s stock worth $3,716,000 after purchasing an additional 29,226 shares during the period. Finally, Elevation Point Wealth Partners LLC boosted its position in Rio Tinto by 222.0% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 16,865 shares of the mining company’s stock worth $1,588,000 after purchasing an additional 11,628 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Up 0.0%

Shares of NYSE:RIO opened at $94.44 on Friday. Rio Tinto PLC has a fifty-two week low of $57.65 and a fifty-two week high of $112.58. The firm has a 50-day simple moving average of $102.14 and a 200 day simple moving average of $94.56. 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 subject of several recent research reports. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a research note on Wednesday, May 20th. Sanford C. Bernstein raised their target price on Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a report on Monday, April 27th. JPMorgan Chase & Co. lowered Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. Finally, Zacks Research cut Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rio Tinto has an average rating of “Hold” and an average target price of $101.75.

About Rio Tinto

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.