ABC Arbitrage SA Cuts Stock Position in Rio Tinto PLC $RIO

Key Points

• ABC Arbitrage SA cut its Rio Tinto stake by 17.4% in the first quarter, selling 59,084 shares and leaving it with 279,807 shares worth about $26.1 million.
• Analysts are mixed on Rio Tinto: Bank of America and RBC downgraded the stock, while DZ Bank upgraded it and Sanford C. Bernstein raised its price target. Overall, the consensus rating is Hold with an average price target of $101.75.
• Rio Tinto shares opened at $89.90, below both its 50-day average of $101.13 and 200-day average of $95.21, after trading between a 52-week low of $58.15 and high of $112.58.

ABC Arbitrage SA decreased its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 17.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 279,807 shares of the mining company's stock after selling 59,084 shares during the period. Rio Tinto accounts for approximately 3.5% of ABC Arbitrage SA's holdings, making the stock its 8th largest position. ABC Arbitrage SA's holdings in Rio Tinto were worth $26,103,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. AdvisorNet Financial Inc increased its holdings in Rio Tinto by 160.2% during the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company's stock worth $27,000 after buying an additional 181 shares during the last quarter. PFS Partners LLC acquired a new position in shares of Rio Tinto during the 4th quarter worth about $28,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Rio Tinto during the 4th quarter worth about $28,000. V Square Quantitative Management LLC bought a new stake in shares of Rio Tinto in the 1st quarter valued at about $35,000. Finally, Costello Asset Management INC bought a new stake in shares of Rio Tinto in the 1st quarter valued at about $37,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on RIO shares. Bank of America lowered Rio Tinto from a "buy" rating to a "neutral" rating in a research note on Friday, May 22nd. Royal Bank Of Canada downgraded Rio Tinto from a "sector perform" rating to an "underperform" rating in a research note on Wednesday, June 3rd. Sanford C. Bernstein boosted their target price on Rio Tinto from $82.00 to $83.50 and gave the stock an "outperform" rating in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of Rio Tinto in a report on Friday, May 15th. Finally, DZ Bank raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $101.75.

Rio Tinto Price Performance

RIO stock opened at $89.90 on Tuesday. Rio Tinto PLC has a 52 week low of $58.15 and a 52 week high of $112.58. The company's 50-day simple moving average is $101.13 and its 200 day simple moving average is $95.21. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.

Rio Tinto Company 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.

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