Avantax Advisory Services Inc. Purchases 7,134 Shares of Rio Tinto PLC $RIO

Avantax Advisory Services Inc. raised its holdings in Rio Tinto PLC (NYSE:RIO) by 9.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 85,502 shares of the mining company’s stock after buying an additional 7,134 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Rio Tinto were worth $4,987,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Amundi grew its holdings in shares of Rio Tinto by 224.0% during the 1st quarter. Amundi now owns 230,891 shares of the mining company’s stock worth $13,491,000 after acquiring an additional 159,636 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Rio Tinto in the 1st quarter worth approximately $357,000. Assetmark Inc. increased its holdings in shares of Rio Tinto by 8.1% during the second quarter. Assetmark Inc. now owns 70,330 shares of the mining company’s stock valued at $4,102,000 after acquiring an additional 5,259 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Rio Tinto by 37.9% in the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company’s stock worth $3,458,000 after purchasing an additional 15,839 shares during the last quarter. Finally, Soltis Investment Advisors LLC raised its position 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 purchasing an additional 8,314 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Monday. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Trading Down 1.1%

Shares of RIO stock opened at $69.72 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a fifty day simple moving average of $67.53 and a two-hundred day simple moving average of $62.98. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $73.76.

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.