Arrowstreet Capital Limited Partnership Decreases Position in Rio Tinto PLC $RIO

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 4.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 3,710,224 shares of the mining company’s stock after selling 176,111 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Rio Tinto were worth $346,127,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. AdvisorNet Financial Inc boosted its holdings in Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after acquiring an additional 181 shares in the last quarter. PFS Partners LLC purchased a new stake in shares of Rio Tinto during the fourth quarter worth about $28,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Rio Tinto during the fourth quarter valued at about $28,000. Trust Co. of Toledo NA OH acquired a new position in shares of Rio Tinto during the fourth quarter valued at about $34,000. Finally, Evelyn Partners Investment Management LLP purchased a new position in shares of Rio Tinto in the 4th quarter valued at approximately $34,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Stock Down 0.8%

RIO opened at $91.56 on Friday. Rio Tinto PLC has a 12-month low of $58.40 and a 12-month high of $112.58. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. The firm has a 50 day moving average of $98.69 and a two-hundred day moving average of $95.80.

Analysts Set New Price Targets

RIO has been the topic of several research analyst reports. Sanford C. Bernstein boosted their target price on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a research note on Wednesday, May 20th. Morgan Stanley lowered shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price 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.