Ovata Capital Management Ltd Has $7.75 Million Stock Position in Rio Tinto PLC $RIO

Ovata Capital Management Ltd grew its stake in shares of Rio Tinto PLC (NYSE:RIO) by 34.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 132,471 shares of the mining company’s stock after purchasing an additional 34,300 shares during the quarter. Rio Tinto comprises about 1.7% of Ovata Capital Management Ltd’s portfolio, making the stock its 17th biggest holding. Ovata Capital Management Ltd’s holdings in Rio Tinto were worth $7,752,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Amundi increased its holdings in shares of Rio Tinto by 224.0% in the first quarter. Amundi now owns 230,891 shares of the mining company’s stock valued at $13,491,000 after purchasing an additional 159,636 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Rio Tinto during the 1st quarter worth about $357,000. Acadian Asset Management LLC boosted its holdings in shares of Rio Tinto by 37.9% during the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company’s stock worth $3,458,000 after buying an additional 15,839 shares during the period. Central Valley Advisors LLC acquired a new position in Rio Tinto in the 2nd quarter valued at about $1,530,000. Finally, Assetmark Inc. raised its holdings in Rio Tinto by 8.1% in the 2nd quarter. Assetmark Inc. now owns 70,330 shares of the mining company’s stock valued at $4,102,000 after acquiring an additional 5,259 shares during the period. Institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on RIO shares. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Weiss Ratings restated a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Finally, Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Three investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Rio Tinto currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Trading Up 1.7%

Shares of NYSE RIO opened at $69.06 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $73.76. The stock’s fifty day moving average is $66.18 and its 200 day moving average is $62.31.

Rio Tinto 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.