Sumitomo Mitsui Trust Group Inc. Has $3.56 Million Stake in Rio Tinto PLC $RIO

Key Points

• Sumitomo Mitsui Trust Group cut its Rio Tinto stake by 25.4% in the first quarter, selling 13,001 shares and leaving it with 38,173 shares worth about $3.56 million.
• Other institutional investors also adjusted their positions, and overall institutional ownership stands at 19.33% of Rio Tinto shares.
• Analyst sentiment has softened recently: several firms downgraded the stock, and MarketBeat reports a consensus rating of Hold with a $101.75 price target, while shares recently traded at $93.31.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 25.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. AdvisorNet Financial Inc grew its holdings in shares of Rio Tinto by 160.2% in the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company's stock worth $27,000 after purchasing an additional 181 shares during the last quarter. PFS Partners LLC bought a new position in Rio Tinto during the 4th quarter valued at about $28,000. Nvest Wealth Strategies Inc. acquired a new position in Rio Tinto in the fourth quarter valued at about $28,000. Trust Co. of Toledo NA OH acquired a new position in Rio Tinto in the fourth quarter valued at about $34,000. Finally, Evelyn Partners Investment Management LLP bought a new stake in Rio Tinto during the fourth quarter worth about $34,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Price Performance

NYSE:RIO opened at $93.31 on Wednesday. Rio Tinto PLC has a 12-month low of $58.15 and a 12-month high of $112.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. The stock's fifty day simple moving average is $100.99 and its 200-day simple moving average is $95.29.

Analyst Upgrades and Downgrades

RIO has been the subject of several recent analyst reports. Royal Bank Of Canada lowered shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a report on Wednesday, June 3rd. Citigroup reissued a "neutral" rating on shares of Rio Tinto in a report on Thursday, July 9th. Zacks Research lowered Rio Tinto from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Sanford C. Bernstein raised their price target on Rio Tinto from $82.00 to $83.50 and gave the company an "outperform" rating in a report on Monday, April 27th. Finally, Morgan Stanley downgraded Rio Tinto from an "equal weight" rating to an "underweight" rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $101.75.

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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