Amova Asset Management Americas Inc. Sells 13,001 Shares of Rio Tinto PLC $RIO

Amova Asset Management Americas Inc. trimmed its position in shares of Rio Tinto PLC (NYSE:RIO) by 25.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,173 shares of the mining company’s stock after selling 13,001 shares during the quarter. Amova Asset Management Americas Inc.’s holdings in Rio Tinto were worth $3,560,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AdvisorNet Financial Inc raised its position in Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. PFS Partners LLC bought a new stake in shares of Rio Tinto in the 4th quarter valued at about $28,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Rio Tinto in the 4th quarter valued at about $28,000. Trust Co. of Toledo NA OH acquired a new stake in shares of Rio Tinto in the fourth quarter valued at about $34,000. Finally, Evelyn Partners Investment Management LLP bought a new position in shares of Rio Tinto during the fourth quarter worth about $34,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $90.54 on Wednesday. The business has a 50-day simple moving average of $99.44 and a 200 day simple moving average of $95.64. Rio Tinto PLC has a one year low of $58.40 and a one year high of $112.58. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Rio Tinto in a research report on Wednesday, May 20th. Morgan Stanley cut shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, July 8th. Bank of America lowered shares of Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Sanford C. Bernstein lifted their price objective on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rio Tinto has an average rating of “Hold” and a consensus price target of $101.75.

About Rio Tinto

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.