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

Ovata Capital Management Ltd lowered its position in Rio Tinto PLC (NYSE:RIO) by 28.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 100,371 shares of the mining company’s stock after selling 40,400 shares during the period. Rio Tinto makes up approximately 1.0% of Ovata Capital Management Ltd’s investment 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 quarter.

Other large investors have also modified their holdings of the company. PFS Partners LLC purchased a new stake in shares of Rio Tinto in the 4th quarter worth $28,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Rio Tinto during the fourth quarter valued at $28,000. Evelyn Partners Investment Management LLP purchased a new position in shares of Rio Tinto during the fourth quarter valued at $34,000. Trust Co. of Toledo NA OH bought a new stake in shares of Rio Tinto in the fourth quarter valued at about $34,000. Finally, Glen Eagle Advisors LLC raised its holdings in shares of Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock valued at $36,000 after acquiring an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, May 26th. Zacks Research cut shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Bank of America downgraded shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. Finally, Argus set a $120.00 target price on shares of Rio Tinto in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.75.

Rio Tinto Trading Up 0.1%

Shares of NYSE:RIO opened at $100.22 on Friday. Rio Tinto PLC has a twelve month low of $55.64 and a twelve month 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 company’s 50 day moving average is $102.95 and its 200 day moving average is $93.10.

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.