Canal Insurance CO Cuts Position in Rio Tinto PLC $RIO

Canal Insurance CO lowered its holdings in Rio Tinto PLC (NYSE:RIO) by 38.5% in the first quarter, Holdings Channel.com reports. The fund owned 80,000 shares of the mining company’s stock after selling 50,000 shares during the quarter. Rio Tinto makes up 1.6% of Canal Insurance CO’s investment portfolio, making the stock its 23rd largest position. Canal Insurance CO’s holdings in Rio Tinto were worth $7,463,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Glen Eagle Advisors LLC grew its stake in shares of Rio Tinto by 32.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after purchasing an additional 110 shares during the period. Wealth Quarterback LLC lifted its stake in shares of Rio Tinto by 1.8% in the fourth quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock valued at $523,000 after purchasing an additional 118 shares during the period. Americana Partners LLC lifted its stake in shares of Rio Tinto by 0.8% in the fourth quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after purchasing an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC boosted its holdings in Rio Tinto by 19.1% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock worth $62,000 after buying an additional 124 shares in the last quarter. Finally, Bailard Inc. grew its position in Rio Tinto by 1.1% during the fourth quarter. Bailard Inc. now owns 12,306 shares of the mining company’s stock worth $985,000 after buying an additional 128 shares during the period. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RIO shares. Morgan Stanley cut shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. Royal Bank Of Canada lowered Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 3rd. DZ Bank upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Rio Tinto in a research note on Wednesday, May 20th. Finally, Argus set a $120.00 price objective on Rio Tinto in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Rio Tinto currently has an average rating of “Hold” and a consensus target price of $101.75.

Rio Tinto Price Performance

Shares of NYSE RIO opened at $89.90 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. The company’s 50-day moving average price is $101.13 and its 200 day moving average price is $95.21. Rio Tinto PLC has a 52 week low of $58.15 and a 52 week high of $112.58.

Rio Tinto Company Profile

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.