Rio Tinto PLC $RIO Shares Sold by Canal Insurance CO

Key Points

• Canal Insurance Co. cut its Rio Tinto stake by 38.5% in the first quarter, selling 50,000 shares and leaving it with 80,000 shares valued at about $7.46 million.
• Other institutional investors were active in RIO as well, with several new positions opened and some stakes increased; overall, institutional ownership stands at 19.33%.
• Analyst sentiment on Rio Tinto is mixed: the stock has an average “Hold” rating and a consensus price target of $101.75, while recent moves included both target hikes and rating downgrades.

Canal Insurance CO reduced its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 38.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 80,000 shares of the mining company's stock after selling 50,000 shares during the period. Rio Tinto makes up 1.6% of Canal Insurance CO's investment portfolio, making the stock its 23rd largest holding. Canal Insurance CO's holdings in Rio Tinto were worth $7,463,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of RIO. AdvisorNet Financial Inc boosted its stake in shares of 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 period. PFS Partners LLC acquired a new position in Rio Tinto in the 4th quarter valued at about $28,000. Nvest Wealth Strategies Inc. acquired a new position in Rio Tinto in the 4th quarter valued at about $28,000. Trust Co. of Toledo NA OH purchased a new stake in Rio Tinto during the 4th quarter valued at approximately $34,000. Finally, Evelyn Partners Investment Management LLP purchased a new stake in Rio Tinto during the 4th quarter valued at approximately $34,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

Shares of NYSE:RIO opened at $89.90 on Tuesday. 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 PLC has a 52 week low of $58.15 and a 52 week high of $112.58. The company has a 50-day moving average price of $101.13 and a 200 day moving average price of $95.21.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RIO shares. Argus set a $120.00 target price on Rio Tinto in a research note on Monday, April 27th. Sanford C. Bernstein upped their price target on Rio Tinto from $82.00 to $83.50 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Citigroup reaffirmed a "neutral" rating on shares of Rio Tinto in a report on Thursday. Royal Bank Of Canada lowered shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a research report on Wednesday, June 3rd. Finally, Bank of America lowered shares of Rio Tinto from a "buy" rating to a "neutral" rating in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Rio Tinto currently has an average rating of "Hold" and an average target price of $101.75.

About Rio Tinto

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.