PNC Financial Services Group Inc. Raises Stake in Rio Tinto plc ADR (NYSE:RIO)
by Danessa LincolnPNC Financial Services Group Inc. lifted its position in shares of Rio Tinto plc ADR (NYSE:RIO) by 9.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 45,286 shares of the mining company’s stock after purchasing an additional 3,938 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rio Tinto were worth $2,063,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of RIO. TFG Advisers LLC purchased a new stake in shares of Rio Tinto during the 4th quarter worth about $26,000. Ballast Advisors LLC purchased a new stake in shares of Rio Tinto during the 1st quarter worth about $29,000. IFP Advisors Inc grew its holdings in shares of Rio Tinto by 26.4% during the 4th quarter. IFP Advisors Inc now owns 843 shares of the mining company’s stock worth $50,000 after purchasing an additional 176 shares during the period. Cornerstone Advisors Inc. grew its holdings in shares of Rio Tinto by 114.3% during the 4th quarter. Cornerstone Advisors Inc. now owns 975 shares of the mining company’s stock worth $58,000 after purchasing an additional 520 shares during the period. Finally, Great Diamond Partners LLC purchased a new stake in shares of Rio Tinto during the 4th quarter worth about $59,000. Institutional investors and hedge funds own 7.58% of the company’s stock.
A number of brokerages have recently issued reports on RIO. UBS Group reiterated a “neutral” rating on shares of Rio Tinto in a report on Wednesday, May 20th. Exane BNP Paribas upgraded Rio Tinto from a “neutral” rating to an “outperform” rating in a report on Wednesday, March 25th. Societe Generale restated a “buy” rating on shares of Rio Tinto in a report on Thursday, April 23rd. JPMorgan Chase & Co. restated a “neutral” rating on shares of Rio Tinto in a report on Monday, May 11th. Finally, Deutsche Bank restated a “hold” rating on shares of Rio Tinto in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $62.50.
Rio Tinto stock opened at $51.46 on Wednesday. The stock has a market cap of $65.05 billion, a P/E ratio of 8.13 and a beta of 0.61. The company has a current ratio of 1.56, a quick ratio of 1.24 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average of $47.49 and a 200-day moving average of $51.72. Rio Tinto plc ADR has a 52 week low of $35.35 and a 52 week high of $64.02.
Rio Tinto Profile
Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.
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