ABC Arbitrage SA Makes New $20.03 Million Investment in Rio Tinto Group (NYSE:RIO)

ABC Arbitrage SA purchased a new stake in Rio Tinto Group (NYSE:RIO) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 340,515 shares of the mining company’s stock, valued at approximately $20,026,000. Rio Tinto Group accounts for 2.9% of ABC Arbitrage SA’s investment portfolio, making the stock its 9th biggest holding.

Several other institutional investors have also bought and sold shares of the stock. Winch Advisory Services LLC acquired a new position in shares of Rio Tinto Group during the 3rd quarter worth $26,000. FSC Wealth Advisors LLC acquired a new stake in shares of Rio Tinto Group during the 3rd quarter valued at about $28,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in Rio Tinto Group by 63.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Rio Tinto Group during the 3rd quarter worth approximately $38,000. Finally, Godsey & Gibb Inc. bought a new position in shares of Rio Tinto Group in the third quarter worth about $50,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

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

Rio Tinto Group Stock Performance

RIO stock opened at $63.38 on Friday. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24. The firm has a 50-day moving average price of $60.63 and a 200-day moving average price of $62.95. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16.

Rio Tinto Group 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.