Caitong International Asset Management Co. Ltd Acquires 6,624 Shares of Rio Tinto PLC $RIO

Caitong International Asset Management Co. Ltd lifted its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 244.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,335 shares of the mining company’s stock after purchasing an additional 6,624 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Rio Tinto were worth $747,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Rio Tinto in the first quarter worth $84,000. AQR Capital Management LLC lifted its holdings in Rio Tinto by 78.4% in the first quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock valued at $726,000 after acquiring an additional 5,310 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Rio Tinto by 20.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock valued at $690,000 after acquiring an additional 1,968 shares during the period. Empowered Funds LLC boosted its position in Rio Tinto by 5.8% in the first quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock worth $317,000 after purchasing an additional 288 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in shares of Rio Tinto by 16.7% during the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock valued at $962,000 after purchasing an additional 2,285 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Up 0.1%

Shares of RIO opened at $100.22 on Friday. The stock has a 50-day simple moving average of $102.95 and a 200-day simple moving average of $93.10. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a 1 year low of $55.64 and a 1 year high of $112.58.

Analyst Upgrades and Downgrades

Several research analysts have commented on RIO shares. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Argus set a $120.00 price objective on Rio Tinto in a research note on Monday, April 27th. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a research note on Tuesday, May 26th. Sanford C. Bernstein upped their target price on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. cut Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target 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.