Kathmere Capital Management LLC Buys New Shares in Rio Tinto PLC $RIO

Kathmere Capital Management LLC bought a new position in shares of Rio Tinto PLC (NYSE:RIO) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,995 shares of the mining company’s stock, valued at approximately $396,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RIO. Autumn Glory Partners LLC acquired a new position in shares of Rio Tinto during the 3rd quarter valued at about $320,000. D.A. Davidson & CO. grew its holdings in Rio Tinto by 3.1% in the third quarter. D.A. Davidson & CO. now owns 106,396 shares of the mining company’s stock valued at $7,023,000 after purchasing an additional 3,153 shares during the period. Accordant Advisory Group Inc raised its stake in Rio Tinto by 1.7% during the third quarter. Accordant Advisory Group Inc now owns 22,534 shares of the mining company’s stock worth $1,487,000 after purchasing an additional 368 shares during the period. Allen Wealth Management LLC raised its stake in Rio Tinto by 3.4% during the third quarter. Allen Wealth Management LLC now owns 27,968 shares of the mining company’s stock worth $1,846,000 after purchasing an additional 931 shares during the period. Finally, Capital Advisors Inc. OK grew its stake in shares of Rio Tinto by 20.6% during the 3rd quarter. Capital Advisors Inc. OK now owns 520,428 shares of the mining company’s stock valued at $34,353,000 after buying an additional 89,069 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analyst Ratings Changes

RIO has been the topic of several research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Argus raised their price objective on Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a report on Tuesday, December 16th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Monday, December 1st. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Rio Tinto currently has an average rating of “Moderate Buy” and an average target price of $85.00.

Rio Tinto Trading Down 0.4%

RIO stock opened at $84.89 on Thursday. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $85.46. The stock has a 50-day simple moving average of $74.75 and a 200-day simple moving average of $67.14.

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.