Davis Capital Management Takes $1.38 Million Position in Rio Tinto PLC $RIO

Davis Capital Management bought a new stake in shares of Rio Tinto PLC (NYSE:RIO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 20,943 shares of the mining company’s stock, valued at approximately $1,382,000.

Several other hedge funds have also added to or reduced their stakes in the business. Fisher Asset Management LLC grew its stake in shares of Rio Tinto by 4.2% during the second quarter. Fisher Asset Management LLC now owns 18,562,934 shares of the mining company’s stock valued at $1,082,776,000 after buying an additional 752,505 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Rio Tinto by 0.4% during the 2nd quarter. Franklin Resources Inc. now owns 5,496,126 shares of the mining company’s stock valued at $320,589,000 after acquiring an additional 20,138 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in Rio Tinto during the 2nd quarter worth approximately $292,770,000. Bank of America Corp DE increased its stake in Rio Tinto by 5.7% in the 2nd quarter. Bank of America Corp DE now owns 2,393,759 shares of the mining company’s stock worth $139,628,000 after purchasing an additional 130,132 shares during the period. Finally, Bank of Montreal Can lifted its position 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 valued at $108,238,000 after purchasing an additional 774,851 shares during the last quarter. 19.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Monday, December 1st. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a report on Tuesday, December 16th. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 29th. Finally, Citigroup restated a “hold” rating on shares of Rio Tinto in a report on Monday, November 17th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Rio Tinto has an average rating of “Moderate Buy” and a consensus target price of $79.00.

Rio Tinto Stock Up 1.7%

NYSE:RIO opened at $81.41 on Friday. The company has a 50-day moving average price of $73.99 and a 200-day moving average price of $66.56. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $82.36.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.