Rio Tinto PLC $RIO Shares Sold by Ovata Capital Management Ltd

Ovata Capital Management Ltd cut its holdings in Rio Tinto PLC (NYSE:RIO) by 28.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,371 shares of the mining company’s stock after selling 40,400 shares during the quarter. Rio Tinto makes up approximately 1.5% of Ovata Capital Management Ltd’s portfolio, making the stock its 16th largest holding. Ovata Capital Management Ltd’s holdings in Rio Tinto were worth $8,089,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of RIO. Cubist Systematic Strategies LLC acquired a new stake in Rio Tinto during the first quarter worth approximately $84,000. AQR Capital Management LLC boosted its position in Rio Tinto by 78.4% during the first quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock worth $726,000 after acquiring an additional 5,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rio Tinto by 20.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock worth $690,000 after acquiring an additional 1,968 shares during the last quarter. Empowered Funds LLC boosted its position in Rio Tinto by 5.8% during the first quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock worth $317,000 after acquiring an additional 288 shares during the last quarter. Finally, Focus Partners Wealth boosted its position in Rio Tinto by 16.7% during the first quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock worth $962,000 after acquiring an additional 2,285 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

RIO has been the topic of a number of recent analyst reports. Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a research note on Tuesday, May 26th. Sanford C. Bernstein increased their target price on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Royal Bank Of Canada lowered Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday. Argus set a $120.00 target price on Rio Tinto in a research report on Monday, April 27th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Rio Tinto in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Rio Tinto has a consensus rating of “Hold” and an average target price of $101.75.

Rio Tinto Trading Down 2.2%

Rio Tinto stock opened at $105.49 on Friday. Rio Tinto PLC has a 12-month low of $55.64 and a 12-month high of $112.58. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average price is $100.68 and its 200 day moving average price is $90.80.

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.