Arrowstreet Capital Limited Partnership Sells 176,111 Shares of Rio Tinto PLC $RIO

Key Points

• Arrowstreet Capital reduced its stake in Rio Tinto by 4.5% in the first quarter, selling 176,111 shares and leaving it with 3,710,224 shares valued at about $346.1 million.
• Several other hedge funds also adjusted positions in Rio Tinto, while institutional investors own 19.33% of the stock overall.
• Rio Tinto shares were down 0.8% to $91.56, and Wall Street currently has a Hold consensus rating with an average price target of $101.75.

Arrowstreet Capital Limited Partnership trimmed its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,710,224 shares of the mining company's stock after selling 176,111 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.30% of Rio Tinto worth $346,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Glen Eagle Advisors LLC increased its holdings in Rio Tinto by 32.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company's stock worth $36,000 after purchasing an additional 110 shares during the period. Wealth Quarterback LLC grew its position in shares of Rio Tinto by 1.8% during the 4th quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company's stock worth $523,000 after buying an additional 118 shares in the last quarter. Americana Partners LLC increased its stake in shares of Rio Tinto by 0.8% during the fourth quarter. Americana Partners LLC now owns 16,108 shares of the mining company's stock valued at $1,289,000 after buying an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC increased its stake in shares of Rio Tinto by 19.1% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company's stock valued at $62,000 after buying an additional 124 shares during the period. Finally, Bailard Inc. raised its holdings in shares of Rio Tinto by 1.1% in the fourth quarter. Bailard Inc. now owns 12,306 shares of the mining company's stock valued at $985,000 after acquiring an additional 128 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Trading Down 0.8%

RIO opened at $91.56 on Friday. The business's 50-day moving average is $98.69 and its two-hundred day moving average is $95.80. Rio Tinto PLC has a 1 year low of $58.40 and a 1 year high of $112.58. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33.

Wall Street Analyst Weigh In

RIO has been the subject of a number of research reports. Sanford C. Bernstein upped their price objective on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Zacks Research downgraded shares of Rio Tinto from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Royal Bank Of Canada lowered shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a report on Wednesday, June 3rd. Morgan Stanley cut shares of Rio Tinto from an "equal weight" rating to an "underweight" rating in a research report on Wednesday, July 8th. Finally, DZ Bank raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. One equities research 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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.

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