Farther Finance Advisors LLC Purchases 785 Shares of Rio Tinto PLC (NYSE:RIO)

Farther Finance Advisors LLC increased its position in Rio Tinto PLC (NYSE:RIO) by 24.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,023 shares of the mining company’s stock after purchasing an additional 785 shares during the quarter. Farther Finance Advisors LLC’s holdings in Rio Tinto were worth $242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RIO. Rakuten Securities Inc. lifted its position in Rio Tinto by 74.8% in the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock worth $29,000 after purchasing an additional 211 shares during the period. Mechanics Financial Corp bought a new position in shares of Rio Tinto during the fourth quarter valued at $29,000. Ameriflex Group Inc. bought a new position in shares of Rio Tinto during the fourth quarter valued at $47,000. WealthCollab LLC lifted its holdings in shares of Rio Tinto by 35.9% during the fourth quarter. WealthCollab LLC now owns 1,029 shares of the mining company’s stock valued at $61,000 after acquiring an additional 272 shares during the period. Finally, NBC Securities Inc. lifted its holdings in shares of Rio Tinto by 103,100.0% during the first quarter. NBC Securities Inc. now owns 1,032 shares of the mining company’s stock valued at $62,000 after acquiring an additional 1,031 shares during the period. 19.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RIO has been the subject of a number of analyst reports. Wall Street Zen cut Rio Tinto from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Morgan Stanley cut Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Wednesday, April 9th. Barclays reissued an “overweight” rating on shares of Rio Tinto in a report on Wednesday, April 16th. Finally, DZ Bank raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Four analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Rio Tinto presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Stock Performance

Rio Tinto stock opened at $56.92 on Thursday. The stock has a 50-day simple moving average of $59.64 and a 200 day simple moving average of $60.48. The company has a quick ratio of 1.13, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08. The stock has a market capitalization of $71.38 billion, a price-to-earnings ratio of 8.83 and a beta of 0.68.

Rio Tinto Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.