Ovata Capital Management Ltd Reduces Stake in Rio Tinto PLC $RIO

Ovata Capital Management Ltd lowered its position in Rio Tinto PLC (NYSE:RIO) by 28.7% in the fourth quarter, HoldingsChannel reports. The firm owned 100,371 shares of the mining company’s stock after selling 40,400 shares during the period. Rio Tinto makes up about 1.0% of Ovata Capital Management Ltd’s portfolio, making the stock its 22nd biggest holding. Ovata Capital Management Ltd’s holdings in Rio Tinto were worth $8,089,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. PFS Partners LLC acquired a new stake in shares of Rio Tinto during the 4th quarter worth approximately $28,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Rio Tinto during the 4th quarter valued at approximately $28,000. Trust Co. of Toledo NA OH acquired a new position in Rio Tinto in the fourth quarter valued at approximately $34,000. Evelyn Partners Investment Management LLP acquired a new position in Rio Tinto in the fourth quarter valued at approximately $34,000. Finally, Glen Eagle Advisors LLC grew its position in Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after acquiring an additional 110 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Trading Up 0.1%

Shares of RIO opened at $100.22 on Friday. Rio Tinto PLC has a 1 year low of $55.64 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. The stock has a 50-day simple moving average of $102.95 and a 200-day simple moving average of $93.10.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RIO shares. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, May 26th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. lowered shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Monday, March 9th. Argus set a $120.00 price target on shares of Rio Tinto in a research report on Monday, April 27th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target 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.