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

Ovata Capital Management Ltd lowered its stake in Rio Tinto PLC (NYSE:RIO) by 28.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 100,371 shares of the mining company’s stock after selling 40,400 shares during the period. Rio Tinto accounts for approximately 1.5% of Ovata Capital Management Ltd’s holdings, making the stock its 16th 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.

Other hedge funds and other institutional investors also recently modified their holdings of the company. PFS Partners LLC bought a new stake in shares of Rio Tinto in the 4th quarter worth about $28,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Rio Tinto in the 4th quarter worth about $28,000. Trust Co. of Toledo NA OH bought a new stake in shares of Rio Tinto in the 4th quarter worth about $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Rio Tinto in the 4th quarter worth about $37,000. Finally, Baillie Gifford & Co. increased its position in shares of Rio Tinto by 51.0% in the 4th quarter. Baillie Gifford & Co. now owns 524 shares of the mining company’s stock worth $42,000 after purchasing an additional 177 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Sanford C. Bernstein boosted their price objective on shares of Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research report on Monday, April 27th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Royal Bank Of Canada downgraded shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday. Barclays downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, February 24th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, May 26th. 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 stock. Based on data from MarketBeat, Rio Tinto has a consensus rating of “Hold” and an average price target of $101.75.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $105.49 on Friday. The company has a 50 day moving average of $100.68 and a 200-day moving average of $90.80. Rio Tinto PLC has a twelve month low of $55.64 and a twelve month high of $112.58. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33.

Rio Tinto Company 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.