AGF Management Ltd. Acquires Shares of 3,700 Rio Tinto PLC $RIO

AGF Management Ltd. bought a new position in shares of Rio Tinto PLC (NYSE:RIO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,700 shares of the mining company’s stock, valued at approximately $216,000.

Other institutional investors also recently modified their holdings of the company. AE Wealth Management LLC lifted its holdings in Rio Tinto by 2.4% during the second quarter. AE Wealth Management LLC now owns 9,613 shares of the mining company’s stock worth $561,000 after acquiring an additional 223 shares during the period. Vestmark Advisory Solutions Inc. purchased a new position in shares of Rio Tinto in the 2nd quarter worth about $221,000. Soltis Investment Advisors LLC boosted its holdings in shares of Rio Tinto by 6.3% in the 2nd quarter. Soltis Investment Advisors LLC now owns 140,546 shares of the mining company’s stock worth $8,198,000 after buying an additional 8,314 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in Rio Tinto during the second quarter valued at about $256,000. Finally, Ovata Capital Management Ltd increased its holdings in Rio Tinto by 34.9% during the second quarter. Ovata Capital Management Ltd now owns 132,471 shares of the mining company’s stock worth $7,752,000 after buying an additional 34,300 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 a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Finally, Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Three equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Stock Performance

NYSE:RIO opened at $70.37 on Wednesday. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $73.76. The stock’s fifty day moving average price is $66.76 and its two-hundred day moving average price is $62.60. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

Rio Tinto Company 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.