Himension Capital Singapore PTE. LTD. Trims Position in Rio Tinto PLC $RIO

Key Points

• Himension Capital Singapore cut its Rio Tinto stake by 30.7% in the first quarter, selling 26,699 shares and leaving it with 60,128 shares valued at about $5.6 million.
• Other institutional investors mostly moved in different directions: several increased positions or initiated new stakes, and overall hedge funds and institutions own 19.33% of Rio Tinto’s stock.
• Wall Street sentiment is mixed but cautious, with recent downgrades from Morgan Stanley and RBC; the stock currently carries a Hold consensus and a target price of $101.75.

Himension Capital Singapore PTE. LTD. decreased its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 30.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,128 shares of the mining company's stock after selling 26,699 shares during the period. Himension Capital Singapore PTE. LTD.'s holdings in Rio Tinto were worth $5,609,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RIO. Cadence Wealth Management LLC grew its holdings in shares of Rio Tinto by 6.6% during the first quarter. Cadence Wealth Management LLC now owns 16,159 shares of the mining company's stock worth $1,507,000 after buying an additional 1,006 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Rio Tinto by 4.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 55,776 shares of the mining company's stock valued at $5,203,000 after acquiring an additional 2,286 shares during the last quarter. DJE Kapital AG purchased a new stake in Rio Tinto during the 1st quarter valued at approximately $4,853,000. Parallel Advisors LLC lifted its position in Rio Tinto by 34.1% during the 1st quarter. Parallel Advisors LLC now owns 8,612 shares of the mining company's stock worth $803,000 after acquiring an additional 2,189 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Rio Tinto during the 1st quarter worth approximately $388,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RIO. Morgan Stanley downgraded Rio Tinto from an "equal weight" rating to an "underweight" rating in a research note on Wednesday, July 8th. Royal Bank Of Canada downgraded Rio Tinto from a "sector perform" rating to an "underperform" rating in a report on Wednesday, June 3rd. DZ Bank raised Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. Zacks Research lowered shares of Rio Tinto from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Finally, Citigroup reissued a "neutral" rating on shares of Rio Tinto in a research note on Thursday, July 9th. One equities 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 company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $101.75.

Rio Tinto Price Performance

Shares of RIO stock opened at $90.54 on Wednesday. The stock 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 12-month low of $58.40 and a 12-month high of $112.58. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98.

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.

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