Gabelli Funds LLC Sells 90,600 Shares of Rio Tinto PLC $RIO

Key Points

• Gabelli Funds LLC reduced its Rio Tinto stake by 24.7% in the first quarter, selling 90,600 shares and leaving it with 276,300 shares worth about $25.8 million.
• Institutional ownership remains meaningful, with several other investors recently opening or adding positions and institutions collectively holding 19.33% of Rio Tinto’s stock.
• Analyst sentiment is mixed: Rio Tinto has a consensus Hold rating, with recent target-price and rating changes including both upgrades and downgrades. The stock opened at $91.25, below its 52-week high of $112.58.

Gabelli Funds LLC cut its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 24.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 276,300 shares of the mining company's stock after selling 90,600 shares during the quarter. Gabelli Funds LLC's holdings in Rio Tinto were worth $25,776,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. AdvisorNet Financial Inc grew its position in shares of Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company's stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. PFS Partners LLC bought a new position in shares of Rio Tinto in the fourth 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 acquired a new position in shares of Rio Tinto during the 1st quarter worth about $35,000. Finally, Costello Asset Management INC bought a new stake in Rio Tinto during the 1st quarter valued at approximately $37,000. Institutional investors own 19.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Sanford C. Bernstein raised their target price on Rio Tinto from $82.00 to $83.50 and gave the company an "outperform" rating in a report on Monday, April 27th. Morgan Stanley lowered Rio Tinto from an "equal weight" rating to an "underweight" rating in a report on Wednesday, July 8th. Weiss Ratings restated a "buy (b-)" rating on shares of Rio Tinto in a research note on Wednesday, May 20th. Royal Bank Of Canada downgraded shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a research note on Wednesday, June 3rd. Finally, Zacks Research lowered shares of Rio Tinto from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Rio Tinto has a consensus rating of "Hold" and an average target price of $101.75.

Rio Tinto Price Performance

RIO stock opened at $91.25 on Friday. Rio Tinto PLC has a twelve month low of $58.40 and a twelve month high of $112.58. The business's 50-day simple moving average is $98.44 and its 200 day simple moving average is $95.77. 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 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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