ABC Arbitrage SA Acquires New Holdings in Rio Tinto Group (NYSE:RIO)

ABC Arbitrage SA purchased a new stake in shares of Rio Tinto Group (NYSE:RIO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 340,515 shares of the mining company’s stock, valued at approximately $20,026,000. Rio Tinto Group accounts for approximately 2.9% of ABC Arbitrage SA’s investment portfolio, making the stock its 9th biggest holding.

A number of other hedge funds have also recently modified their holdings of the business. Creative Planning boosted its position in shares of Rio Tinto Group by 4.4% during the 3rd quarter. Creative Planning now owns 80,160 shares of the mining company’s stock valued at $5,705,000 after acquiring an additional 3,413 shares during the last quarter. NBC Securities Inc. increased its position in Rio Tinto Group by 24.2% during the 3rd quarter. NBC Securities Inc. now owns 1,207 shares of the mining company’s stock valued at $85,000 after purchasing an additional 235 shares during the period. Vontobel Holding Ltd. increased its holdings in Rio Tinto Group by 64.0% during the third quarter. Vontobel Holding Ltd. now owns 8,910 shares of the mining company’s stock valued at $634,000 after buying an additional 3,476 shares during the period. Bleakley Financial Group LLC bought a new stake in Rio Tinto Group during the third quarter valued at about $221,000. Finally, Ellsworth Advisors LLC grew its position in shares of Rio Tinto Group by 20.8% in the 3rd quarter. Ellsworth Advisors LLC now owns 10,229 shares of the mining company’s stock worth $728,000 after buying an additional 1,761 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RIO shares. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday. Jefferies Financial Group lowered their price target on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Stock Up 0.1 %

RIO opened at $63.38 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The business’s fifty day moving average is $60.63 and its two-hundred day moving average is $62.95. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.