First Trust Advisors LP Cuts Position in Rio Tinto PLC $RIO

First Trust Advisors LP lessened its position in Rio Tinto PLC (NYSE:RIO) by 7.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 519,977 shares of the mining company’s stock after selling 43,865 shares during the quarter. First Trust Advisors LP’s holdings in Rio Tinto were worth $48,509,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in RIO. AdvisorNet Financial Inc lifted its stake in 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 purchasing an additional 181 shares during the last quarter. PFS Partners LLC bought a new position in shares of Rio Tinto during the 4th quarter valued at about $28,000. Nvest Wealth Strategies Inc. bought a new position in shares of Rio Tinto during the 4th quarter valued at about $28,000. Trust Co. of Toledo NA OH purchased a new position in shares of Rio Tinto during the 4th quarter valued at about $34,000. Finally, Evelyn Partners Investment Management LLP bought a new stake in Rio Tinto in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Price Performance

NYSE:RIO opened at $91.25 on Monday. 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 company has a fifty day moving average of $98.44 and a 200 day moving average of $95.86. Rio Tinto PLC has a 52 week low of $58.40 and a 52 week high of $112.58.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RIO. Zacks Research lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Morgan Stanley downgraded shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. Bank of America cut shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Finally, Argus set a $120.00 target price on shares of Rio Tinto in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.