First Trust Advisors LP Sells 43,865 Shares of Rio Tinto PLC $RIO

Key Points

• First Trust Advisors LP reduced its Rio Tinto position by 7.8%, selling 43,865 shares during the first quarter and retaining 519,977 shares valued at approximately $48.5 million.
• Several major institutions increased their holdings, including Arrowstreet Capital, Deutsche Bank, Natixis Advisors and Bank of America. Institutional investors collectively own 19.33% of Rio Tinto’s stock.
• Rio Tinto shares opened at $91.25, below the analyst consensus target of $101.75. Analyst sentiment remains mixed, with a consensus rating of “Hold” across buy, hold and sell recommendations.

First Trust Advisors LP decreased its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 519,977 shares of the mining company's stock after selling 43,865 shares during the period. First Trust Advisors LP's holdings in Rio Tinto were worth $48,509,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its stake in shares of Rio Tinto by 170.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company's stock valued at $311,023,000 after buying an additional 2,451,140 shares during the period. Milford Funds Ltd. bought a new position in shares of Rio Tinto during the 4th quarter worth $93,143,000. Deutsche Bank AG increased its holdings in Rio Tinto by 102.6% in the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company's stock worth $177,421,000 after acquiring an additional 1,122,667 shares during the last quarter. Natixis Advisors LLC raised its stake in Rio Tinto by 144.7% in the 4th quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company's stock valued at $127,039,000 after acquiring an additional 938,687 shares during the period. Finally, Bank of America Corp DE raised its stake in Rio Tinto by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company's stock valued at $208,430,000 after acquiring an additional 763,786 shares during the period. 19.33% of the stock is owned by institutional investors.

Rio Tinto Stock Performance

Shares of NYSE RIO opened at $91.25 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. The business has a 50-day moving average of $98.44 and a 200-day moving average of $95.86. Rio Tinto PLC has a 12 month low of $58.40 and a 12 month high of $112.58.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RIO shares. Sanford C. Bernstein increased their target price on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Morgan Stanley cut shares of Rio Tinto from an "equal weight" rating to an "underweight" rating in a research note on Wednesday, July 8th. DZ Bank raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. Citigroup reiterated a "neutral" rating on shares of Rio Tinto in a research note on Thursday, July 9th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of Rio Tinto in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $101.75.

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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