LFG Wealth Partners LLC Makes New $2.46 Million Investment in Rio Tinto PLC $RIO

LFG Wealth Partners LLC bought a new position in Rio Tinto PLC (NYSE:RIO) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 30,731 shares of the mining company’s stock, valued at approximately $2,459,000. Rio Tinto makes up about 1.6% of LFG Wealth Partners LLC’s portfolio, making the stock its 20th largest holding.

A number of other hedge funds have also added to or reduced their stakes in RIO. PFS Partners LLC bought a new position in Rio Tinto in the 4th quarter worth about $28,000. Nvest Wealth Strategies Inc. bought a new position in Rio Tinto in the 4th quarter worth about $28,000. Trust Co. of Toledo NA OH bought a new position in Rio Tinto in the 4th quarter worth about $34,000. Evelyn Partners Investment Management LLP bought a new position in Rio Tinto in the 4th quarter worth about $34,000. Finally, Glen Eagle Advisors LLC grew its stake in Rio Tinto by 32.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after acquiring an additional 110 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on RIO shares. JPMorgan Chase & Co. cut shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Monday, March 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a report on Wednesday, May 20th. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a report on Tuesday, May 26th. Barclays cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Tuesday, February 24th. Finally, Zacks Research cut shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $101.75.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $105.83 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a 1 year low of $55.64 and a 1 year high of $112.58. The firm’s 50-day moving average is $102.40 and its two-hundred day moving average is $92.40.

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.