Bank of New York Mellon Corp Cuts Holdings in Rio Tinto PLC (NYSE:RIO)

Key Points

• Bank of New York Mellon Corp reduced its stake in Rio Tinto PLC by 5.2% during Q1, owning 79,804 shares worth approximately $4.8 million after selling 4,350 shares.
• Several institutional investors, including Mechanics Financial Corp and Wayfinding Financial LLC, made new investments in Rio Tinto during the last quarters, contributing to a total of 19.33% of the stock owned by hedge funds.
• Brokerages have mixed consensus ratings on Rio Tinto stock, with a current target price of $73.00 and a consensus rating of "Moderate Buy" from analysts.

Bank of New York Mellon Corp cut its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,804 shares of the mining company's stock after selling 4,350 shares during the quarter. Bank of New York Mellon Corp's holdings in Rio Tinto were worth $4,795,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. World Investment Advisors increased its holdings in Rio Tinto by 14.4% in the 1st quarter. World Investment Advisors now owns 8,524 shares of the mining company's stock valued at $513,000 after buying an additional 1,074 shares during the period. Wayfinding Financial LLC acquired a new stake in Rio Tinto in the first quarter worth about $30,000. Pacific Heights Asset Management LLC lifted its position in Rio Tinto by 300.0% during the 1st quarter. Pacific Heights Asset Management LLC now owns 300,000 shares of the mining company's stock valued at $18,024,000 after purchasing an additional 225,000 shares during the period. Checchi Capital Advisers LLC increased its holdings in Rio Tinto by 7.4% in the first quarter. Checchi Capital Advisers LLC now owns 10,160 shares of the mining company's stock valued at $610,000 after purchasing an additional 702 shares during the last quarter. Finally, D.A. Davidson & CO. grew its holdings in Rio Tinto by 6.5% during the first quarter. D.A. Davidson & CO. now owns 100,809 shares of the mining company's stock valued at $6,057,000 after purchasing an additional 6,159 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Trading Down 1.1%

Shares of Rio Tinto stock traded down $0.72 during midday trading on Friday, reaching $63.11. The company had a trading volume of 2,954,203 shares, compared to its average volume of 3,859,372. The stock has a fifty day moving average price of $59.63 and a 200 day moving average price of $60.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.13. The firm has a market cap of $79.14 billion, a PE ratio of 9.78 and a beta of 0.66. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $72.08.

Analyst Ratings Changes

A number of research firms have weighed in on RIO. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Four research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Rio Tinto has a consensus rating of "Moderate Buy" and an average price target of $73.00.

About Rio Tinto

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.