Sumitomo Mitsui Trust Group Inc. Sells 13,001 Shares of Rio Tinto PLC $RIO

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Rio Tinto PLC (NYSE:RIO) by 25.4% in the first quarter, Holdings Channel reports. The firm owned 38,173 shares of the mining company’s stock after selling 13,001 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Rio Tinto were worth $3,561,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Glen Eagle Advisors LLC raised its holdings in Rio Tinto by 32.2% in the fourth 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 grew its holdings in shares of Rio Tinto by 1.8% in the 4th quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock valued at $523,000 after buying an additional 118 shares during the period. Americana Partners LLC grew its holdings in shares of Rio Tinto by 0.8% in the 4th quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after buying an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in shares of Rio Tinto by 19.1% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock valued at $62,000 after buying an additional 124 shares in the last quarter. Finally, Bailard Inc. increased its position in shares of Rio Tinto by 1.1% in the 4th quarter. Bailard Inc. now owns 12,306 shares of the mining company’s stock valued at $985,000 after buying an additional 128 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RIO shares. Zacks Research lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Morgan Stanley downgraded Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. DZ Bank raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Argus set a $120.00 price objective on Rio Tinto in a report on Monday, April 27th. Finally, Sanford C. Bernstein boosted their price objective on Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research report on Monday, April 27th. One investment 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $101.75.

Rio Tinto Price Performance

RIO stock opened at $93.31 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a fifty-two week low of $58.15 and a fifty-two week high of $112.58. The business has a 50-day moving average of $100.99 and a 200-day moving average of $95.29.

Rio Tinto 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.