BNP Paribas Arbitrage SA Decreases Stake in Rio Tinto PLC (RIO)
BNP Paribas Arbitrage SA lowered its stake in shares of Rio Tinto PLC (NYSE:RIO) by 47.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,385 shares of the mining company’s stock after selling 15,974 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Rio Tinto were worth $820,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Jennison Associates LLC grew its position in Rio Tinto by 35.7% during the third quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock worth $100,973,000 after buying an additional 563,461 shares in the last quarter. Telos Capital Management Inc. acquired a new stake in Rio Tinto during the third quarter worth approximately $211,000. Minneapolis Portfolio Management Group LLC grew its position in Rio Tinto by 1.2% during the third quarter. Minneapolis Portfolio Management Group LLC now owns 690,364 shares of the mining company’s stock worth $32,578,000 after buying an additional 7,858 shares in the last quarter. Bremer Trust National Association grew its position in Rio Tinto by 20.2% during the third quarter. Bremer Trust National Association now owns 30,122 shares of the mining company’s stock worth $1,421,000 after buying an additional 5,058 shares in the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new stake in Rio Tinto during the third quarter worth approximately $3,490,000. 7.19% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on RIO. Citigroup reissued a “buy” rating on shares of Rio Tinto in a research report on Thursday, September 28th. Canaccord Genuity downgraded Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Goldman Sachs Group reaffirmed a “neutral” rating on shares of Rio Tinto in a report on Monday, August 14th. Cowen set a $47.00 target price on Rio Tinto and gave the company a “hold” rating in a report on Monday, October 16th. Finally, Royal Bank Of Canada downgraded Rio Tinto from a “top pick” rating to an “outperform” rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Rio Tinto currently has a consensus rating of “Buy” and an average price target of $51.59.
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About Rio Tinto
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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