AlphaCore Capital LLC Invests $169,000 in Rio Tinto PLC $RIO

AlphaCore Capital LLC acquired a new position in Rio Tinto PLC (NYSE:RIO) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,895 shares of the mining company’s stock, valued at approximately $169,000.

Several other hedge funds also recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC bought a new position in shares of Rio Tinto during the second quarter worth $292,770,000. Bank of Montreal Can raised its holdings in Rio Tinto by 71.7% during the 2nd quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock valued at $108,238,000 after buying an additional 774,851 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Rio Tinto by 33.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company’s stock worth $116,510,000 after purchasing an additional 490,357 shares during the period. Goldman Sachs Group Inc. grew its holdings in Rio Tinto by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock valued at $502,787,000 after purchasing an additional 326,661 shares during the last quarter. Finally, Amundi boosted its holdings in Rio Tinto by 224.0% during the 1st quarter. Amundi now owns 230,891 shares of the mining company’s stock valued at $13,491,000 after acquiring an additional 159,636 shares during the period. Institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on RIO. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Citigroup reissued a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Zacks Research lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Rio Tinto presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Price Performance

RIO opened at $71.05 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $73.76. The stock has a fifty day moving average price of $68.24 and a 200-day moving average price of $63.34.

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.