ABC Arbitrage SA Invests $20.03 Million in Rio Tinto Group (NYSE:RIO)

ABC Arbitrage SA acquired a new position in Rio Tinto Group (NYSE:RIO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 340,515 shares of the mining company's stock, valued at approximately $20,026,000. Rio Tinto Group comprises approximately 2.9% of ABC Arbitrage SA's portfolio, making the stock its 9th largest position.

Other hedge funds also recently modified their holdings of the company. Jeppson Wealth Management LLC raised its position in Rio Tinto Group by 47.5% in the 4th quarter. Jeppson Wealth Management LLC now owns 20,093 shares of the mining company's stock worth $1,182,000 after purchasing an additional 6,473 shares during the last quarter. Philip James Wealth Mangement LLC acquired a new position in shares of Rio Tinto Group in the third quarter valued at approximately $1,345,000. Fisher Asset Management LLC grew its holdings in shares of Rio Tinto Group by 2.9% during the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company's stock worth $1,247,475,000 after buying an additional 485,731 shares in the last quarter. Northwest Bancshares Inc. bought a new stake in Rio Tinto Group during the 3rd quarter worth about $1,440,000. Finally, Barclays PLC boosted its holdings in shares of Rio Tinto Group by 225.6% in the 3rd quarter. Barclays PLC now owns 335,637 shares of the mining company's stock valued at $23,888,000 after buying an additional 232,539 shares during the last quarter. Institutional investors own 19.33% of the company's stock.

Rio Tinto Group Stock Down 2.1 %

Shares of RIO traded down $1.37 during trading hours on Wednesday, hitting $62.81. The stock had a trading volume of 4,511,193 shares, compared to its average volume of 3,238,949. The firm has a 50 day simple moving average of $60.61 and a 200-day simple moving average of $62.93. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RIO shares. Jefferies Financial Group decreased their target price on 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. StockNews.com upgraded Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research note on Friday, February 14th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

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.