Cumberland Partners Ltd Makes New Investment in Rio Tinto PLC $RIO

Cumberland Partners Ltd purchased a new position in shares of Rio Tinto PLC (NYSE:RIO) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,700 shares of the mining company’s stock, valued at approximately $1,185,000.

Several other hedge funds also recently modified their holdings of the business. Glen Eagle Advisors LLC grew its stake in shares of Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after acquiring an additional 110 shares during the last quarter. Wealth Quarterback LLC raised its stake in Rio Tinto by 1.8% during the 4th quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock valued at $523,000 after purchasing an additional 118 shares during the last quarter. Americana Partners LLC boosted its holdings in Rio Tinto by 0.8% in the 4th quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after purchasing an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC boosted its holdings in Rio Tinto by 19.1% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock valued at $62,000 after purchasing an additional 124 shares during the period. Finally, Bailard Inc. grew its position in Rio Tinto by 1.1% in the 4th quarter. Bailard Inc. now owns 12,306 shares of the mining company’s stock worth $985,000 after purchasing an additional 128 shares during the last quarter. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RIO has been the topic of several research reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a research note on Wednesday, May 20th. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Argus set a $120.00 price target on Rio Tinto in a research note on Monday, April 27th. 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 assigned a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $101.75.

Rio Tinto Stock Down 0.3%

Shares of RIO stock opened at $91.25 on Friday. Rio Tinto PLC has a one year low of $58.40 and a one year high of $112.58. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average price of $98.44 and a 200 day moving average price of $95.77.

Rio Tinto 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.