Catalyst Funds Management Pty Ltd Cuts Holdings in Rio Tinto PLC $RIO

Catalyst Funds Management Pty Ltd decreased its holdings in Rio Tinto PLC (NYSE:RIO) by 82.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,016 shares of the mining company’s stock after selling 197,800 shares during the period. Rio Tinto comprises about 0.7% of Catalyst Funds Management Pty Ltd’s investment portfolio, making the stock its 28th biggest holding. Catalyst Funds Management Pty Ltd’s holdings in Rio Tinto were worth $2,509,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Pandora Wealth Inc. purchased a new stake in shares of Rio Tinto during the first quarter valued at $30,000. MTM Investment Management LLC bought a new position in Rio Tinto during the 2nd quarter valued at about $43,000. Hilltop National Bank purchased a new stake in shares of Rio Tinto during the 2nd quarter valued at about $44,000. Resources Management Corp CT ADV bought a new stake in shares of Rio Tinto in the first quarter worth approximately $48,000. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in shares of Rio Tinto by 65.1% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock valued at $51,000 after purchasing an additional 336 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Down 0.4%

Shares of Rio Tinto stock opened at $69.46 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. The stock’s 50-day simple moving average is $67.67 and its 200-day simple moving average is $63.02. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $73.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rio Tinto presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

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.