ABC Arbitrage SA Decreases Stock Holdings in Rio Tinto PLC $RIO

ABC Arbitrage SA cut its position in Rio Tinto PLC (NYSE:RIO) by 17.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 279,807 shares of the mining company’s stock after selling 59,084 shares during the quarter. Rio Tinto accounts for about 3.5% of ABC Arbitrage SA’s portfolio, making the stock its 8th largest holding. ABC Arbitrage SA’s holdings in Rio Tinto were worth $26,103,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in RIO. Fisher Asset Management LLC boosted its position in shares of Rio Tinto by 2.7% during the 4th quarter. Fisher Asset Management LLC now owns 19,642,744 shares of the mining company’s stock worth $1,572,009,000 after acquiring an additional 522,576 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Rio Tinto by 170.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company’s stock worth $311,023,000 after buying an additional 2,451,140 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Rio Tinto by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock worth $208,430,000 after buying an additional 763,786 shares during the last quarter. Bank of Montreal Can boosted its stake in Rio Tinto by 8.6% in the fourth quarter. Bank of Montreal Can now owns 2,221,469 shares of the mining company’s stock valued at $177,784,000 after buying an additional 175,833 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Rio Tinto by 102.6% in the fourth quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company’s stock valued at $177,421,000 after buying an additional 1,122,667 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Down 0.7%

Shares of RIO stock opened at $89.90 on Tuesday. The stock has a 50-day moving average of $101.13 and a 200-day moving average of $95.21. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. Rio Tinto PLC has a 1-year low of $58.15 and a 1-year high of $112.58.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a report on Thursday. Argus set a $120.00 price target on Rio Tinto in a research note on Monday, April 27th. Sanford C. Bernstein increased their price target on Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, Morgan Stanley cut Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $101.75.

Rio Tinto Profile

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.