Wealth Alliance LLC Makes New $527,000 Investment in Rio Tinto PLC $RIO

Wealth Alliance LLC purchased a new position in Rio Tinto PLC (NYSE:RIO) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,646 shares of the mining company’s stock, valued at approximately $527,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AdvisorNet Financial Inc boosted its position in Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after acquiring an additional 181 shares in the last quarter. PFS Partners LLC purchased a new position in shares of Rio Tinto in the 4th quarter valued at $28,000. Nvest Wealth Strategies Inc. bought a new position in shares of Rio Tinto in the 4th quarter worth $28,000. V Square Quantitative Management LLC bought a new position in shares of Rio Tinto in the 1st quarter worth $35,000. Finally, Costello Asset Management INC purchased a new stake in shares of Rio Tinto during the 1st quarter worth $37,000. 19.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RIO. Morgan Stanley cut shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Argus set a $120.00 target price on shares of Rio Tinto in a research note on Monday, April 27th. Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a report on Thursday, July 9th. Finally, Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $101.75.

Rio Tinto Stock Performance

RIO opened at $91.25 on Monday. Rio Tinto PLC has a 52-week low of $58.40 and a 52-week high of $112.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. The firm’s 50-day moving average price is $98.44 and its 200-day moving average price is $95.86.

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.