Midwest Trust Co Purchases New Shares in Rio Tinto PLC $RIO

Midwest Trust Co acquired a new stake in Rio Tinto PLC (NYSE:RIO) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,514 shares of the mining company’s stock, valued at approximately $263,000.

Other large investors have also recently added to or reduced their stakes in the company. Pandora Wealth Inc. acquired a new stake in shares of Rio Tinto during the first quarter worth $30,000. Hilltop National Bank acquired a new position in shares of Rio Tinto in the second quarter valued at about $44,000. Resources Management Corp CT ADV bought a new position in Rio Tinto during the first quarter worth about $48,000. Cary Street Partners Investment Advisory LLC raised its stake in Rio Tinto by 65.1% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock worth $51,000 after purchasing an additional 336 shares in the last quarter. Finally, Grove Bank & Trust raised its stake in Rio Tinto by 24.5% in the 2nd quarter. Grove Bank & Trust now owns 1,139 shares of the mining company’s stock worth $66,000 after purchasing an additional 224 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $70.98 on Friday. The company has a 50 day moving average of $67.10 and a 200-day moving average of $62.72. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $73.76. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RIO shares. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $73.00.

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.