Sit Investment Associates Inc. Raises Stake in Rio Tinto PLC (NYSE:RIO)

Sit Investment Associates Inc. raised its position in Rio Tinto PLC (NYSE:RIO) by 5.7% during the second quarter, Holdings Channel reports. The fund owned 28,456 shares of the mining company’s stock after buying an additional 1,531 shares during the period. Sit Investment Associates Inc.’s holdings in Rio Tinto PLC were worth $1,204,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Nicholas Hoffman & Company LLC. raised its stake in Rio Tinto PLC by 0.3% in the first quarter. Nicholas Hoffman & Company LLC. now owns 8,310 shares of the mining company’s stock worth $338,000 after buying an additional 24 shares during the last quarter. Neville Rodie & Shaw Inc. raised its stake in Rio Tinto PLC by 0.4% in the first quarter. Neville Rodie & Shaw Inc. now owns 24,000 shares of the mining company’s stock worth $976,000 after buying an additional 100 shares during the last quarter. Courier Capital LLC raised its stake in Rio Tinto PLC by 2.1% in the first quarter. Courier Capital LLC now owns 9,524 shares of the mining company’s stock worth $387,000 after buying an additional 200 shares during the last quarter. Capital Innovations LLC raised its stake in Rio Tinto PLC by 5.2% in the first quarter. Capital Innovations LLC now owns 5,845 shares of the mining company’s stock worth $238,000 after buying an additional 290 shares during the last quarter. Finally, ProVise Management Group LLC raised its stake in Rio Tinto PLC by 2.2% in the first quarter. ProVise Management Group LLC now owns 14,200 shares of the mining company’s stock worth $578,000 after buying an additional 300 shares during the last quarter. 7.12% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto PLC (NYSE:RIO) opened at 44.14 on Friday. The firm has a market cap of $79.41 billion, a P/E ratio of 17.29 and a beta of 0.96. Rio Tinto PLC has a 12-month low of $29.62 and a 12-month high of $47.11. The firm’s 50-day moving average is $41.85 and its 200 day moving average is $41.58.

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A number of research firms have weighed in on RIO. Axiom Securities reissued a “sell” rating on shares of Rio Tinto PLC in a report on Thursday, July 13th. BidaskClub raised shares of Rio Tinto PLC from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. BNP Paribas raised shares of Rio Tinto PLC from a “neutral” rating to an “outperform” rating in a report on Thursday, April 20th. Royal Bank Of Canada raised shares of Rio Tinto PLC from an “outperform” rating to a “top pick” rating in a report on Wednesday, May 17th. Finally, ValuEngine lowered shares of Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 20th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company’s stock. Rio Tinto PLC has an average rating of “Buy” and a consensus target price of $39.67.

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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