Allspring Global Investments Holdings LLC Buys 18,368 Shares of Rio Tinto PLC (NYSE:RIO)

Allspring Global Investments Holdings LLC grew its stake in shares of Rio Tinto PLC (NYSE:RIO) by 18.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 118,221 shares of the mining company’s stock after buying an additional 18,368 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Rio Tinto were worth $7,120,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RIO. Dorsey & Whitney Trust CO LLC boosted its stake in Rio Tinto by 2.0% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company’s stock valued at $477,000 after buying an additional 160 shares during the period. Capital Analysts LLC boosted its position in shares of Rio Tinto by 6.0% during the 4th quarter. Capital Analysts LLC now owns 2,886 shares of the mining company’s stock valued at $170,000 after acquiring an additional 163 shares during the last quarter. Nemes Rush Group LLC grew its holdings in shares of Rio Tinto by 10.0% during the fourth quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company’s stock worth $109,000 after purchasing an additional 169 shares in the last quarter. Walker Asset Management LLC increased its position in shares of Rio Tinto by 4.8% in the first quarter. Walker Asset Management LLC now owns 4,326 shares of the mining company’s stock worth $260,000 after purchasing an additional 200 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. raised its stake in Rio Tinto by 10.0% in the first quarter. Quintet Private Bank Europe S.A. now owns 2,200 shares of the mining company’s stock valued at $132,000 after purchasing an additional 200 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIO has been the subject of several research analyst reports. DZ Bank upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto in a report on Tuesday, March 18th. They set an “overweight” rating for the company. Wall Street Zen cut Rio Tinto from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 28th. Morgan Stanley downgraded Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, April 9th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $58.94 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The stock has a market cap of $73.91 billion, a PE ratio of 9.14 and a beta of 0.66. The company’s fifty day moving average is $59.56 and its 200 day moving average is $60.05. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $72.08.

Rio Tinto Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.