Granahan Investment Management Inc. MA raised its position in shares of Rio Tinto PLC (NYSE:RIO) by 18.5% during the first quarter, Holdings Channel reports. The institutional investor owned 8,282 shares of the mining company’s stock after buying an additional 1,295 shares during the period. Granahan Investment Management Inc. MA’s holdings in Rio Tinto PLC were worth $337,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the stock. New Century Investment Management Inc. acquired a new stake in Rio Tinto PLC during the fourth quarter worth $1,578,000. UBS Asset Management Americas Inc. acquired a new stake in Rio Tinto PLC during the fourth quarter worth $119,000. Dodge & Cox acquired a new stake in Rio Tinto PLC during the fourth quarter worth $577,000. Appaloosa LP acquired a new stake in Rio Tinto PLC during the fourth quarter worth $3,502,000. Finally, Miles Capital Inc. boosted its stake in Rio Tinto PLC by 23.1% in the fourth quarter. Miles Capital Inc. now owns 8,800 shares of the mining company’s stock worth $338,000 after buying an additional 1,650 shares in the last quarter. Institutional investors own 7.06% of the company’s stock.

Institutional Ownership by Quarter for Rio Tinto PLC (NYSE:RIO)

Shares of Rio Tinto PLC (NYSE RIO) traded up 1.29% during midday trading on Friday, hitting $39.21. The stock had a trading volume of 1,682,818 shares. The firm has a 50 day moving average of $40.15 and a 200-day moving average of $41.10. Rio Tinto PLC has a one year low of $27.74 and a one year high of $47.11. The company has a market cap of $70.54 billion, a P/E ratio of 15.36 and a beta of 1.01. Rio Tinto PLC also was the target of some unusual options trading activity on Tuesday. Traders bought 11,458 put options on the company. This represents an increase of approximately 248% compared to the average volume of 3,295 put options.

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RIO has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Rio Tinto PLC from a “hold” rating to a “strong-buy” rating and set a $47.00 target price on the stock in a research report on Wednesday, April 12th. Citigroup Inc. upgraded Rio Tinto PLC from a “neutral” rating to a “buy” rating in a research report on Thursday, April 20th. Royal Bank Of Canada upgraded Rio Tinto PLC from an “outperform” rating to a “top pick” rating in a research report on Wednesday, May 17th. ValuEngine upgraded Rio Tinto PLC from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 11th. Finally, BNP Paribas upgraded Rio Tinto PLC from a “neutral” rating to an “outperform” rating in a research report on Thursday, April 20th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $41.86.

About Rio Tinto PLC

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

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