Independent Financial Group LLC Purchases Shares of 8,360 Rio Tinto PLC $RIO

Independent Financial Group LLC acquired a new stake in Rio Tinto PLC (NYSE:RIO) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 8,360 shares of the mining company’s stock, valued at approximately $780,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. AdvisorNet Financial Inc raised its stake in Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after buying an additional 181 shares during the period. PFS Partners LLC bought a new stake in Rio Tinto in the 4th quarter valued at $28,000. Nvest Wealth Strategies Inc. acquired a new stake in Rio Tinto during the 4th quarter valued at $28,000. V Square Quantitative Management LLC bought a new position in Rio Tinto during the first quarter worth $35,000. Finally, Costello Asset Management INC acquired a new position in shares of Rio Tinto in the first quarter valued at $37,000. 19.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RIO has been the topic of a number of recent research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a research note on Wednesday, May 20th. Sanford C. Bernstein lifted their target price on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a report on Monday, April 27th. 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. Argus set a $120.00 price target on shares of Rio Tinto in a research report on Monday, April 27th. Finally, Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $101.75.

Rio Tinto Trading Up 1.7%

RIO opened at $90.54 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a twelve month low of $58.40 and a twelve month high of $112.58. The company has a 50-day simple moving average of $99.44 and a 200 day simple moving average of $95.64.

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.