Beacon Pointe Advisors LLC Makes New Investment in Rio Tinto PLC $RIO

Beacon Pointe Advisors LLC purchased a new stake in shares of Rio Tinto PLC (NYSE:RIO) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,258 shares of the mining company’s stock, valued at approximately $540,000.

Other large investors have also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC purchased a new stake in Rio Tinto during the 2nd quarter valued at about $292,770,000. Bank of Montreal Can raised its holdings in Rio Tinto by 71.7% in the second quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock worth $108,238,000 after buying an additional 774,851 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Rio Tinto by 4.2% in the second quarter. Fisher Asset Management LLC now owns 18,562,934 shares of the mining company’s stock worth $1,082,776,000 after buying an additional 752,505 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Rio Tinto by 33.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company’s stock worth $116,510,000 after buying an additional 490,357 shares in the last quarter. Finally, Amundi grew its holdings in shares of Rio Tinto by 224.0% during the first quarter. Amundi now owns 230,891 shares of the mining company’s stock valued at $13,491,000 after buying an additional 159,636 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RIO shares. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 1st. Zacks Research lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Citigroup reaffirmed a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a report on Monday, December 1st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Price Performance

Rio Tinto stock opened at $73.01 on Monday. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $74.53. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The business has a 50-day simple moving average of $69.70 and a two-hundred day simple moving average of $63.93.

About Rio Tinto

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.