Teachers Retirement System of The State of Kentucky Has $50.91 Million Position in Rio Tinto PLC $RIO

Key Points

• Teachers Retirement System of The State of Kentucky reduced its Rio Tinto stake by 21.8% in the first quarter, selling 152,000 shares and leaving it with 545,770 shares valued at about $50.9 million.
• Other institutional investors made mixed moves in Rio Tinto, while institutions and hedge funds still own 19.33% of the company’s stock.
• Analyst sentiment is cautious: recent downgrades pushed Rio Tinto to an average “Hold” rating with a consensus price target of $101.75, even as the stock opened at $90.55 and some news flow remained supportive on valuation and metals prices.

Teachers Retirement System of The State of Kentucky cut its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 21.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 545,770 shares of the mining company's stock after selling 152,000 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Rio Tinto were worth $50,915,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in RIO. Diversify Wealth Management LLC acquired a new stake in shares of Rio Tinto during the 1st quarter valued at $640,000. Sovran Advisors LLC acquired a new position in shares of Rio Tinto in the first quarter worth $225,000. Sequoia Financial Advisors LLC increased its stake in shares of Rio Tinto by 12.8% in the first quarter. Sequoia Financial Advisors LLC now owns 24,856 shares of the mining company's stock worth $2,319,000 after acquiring an additional 2,828 shares during the last quarter. Costello Asset Management INC purchased a new stake in shares of Rio Tinto during the first quarter worth $37,000. Finally, Ramsay Stattman Vela & Price Inc. purchased a new stake in shares of Rio Tinto during the first quarter worth $224,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RIO shares. Citigroup restated a "neutral" rating on shares of Rio Tinto in a research note on Thursday. Morgan Stanley downgraded Rio Tinto from an "equal weight" rating to an "underweight" rating in a research note on Wednesday. Argus set a $120.00 price target on Rio Tinto in a report on Monday, April 27th. Weiss Ratings reissued a "buy (b-)" rating on shares of Rio Tinto in a research note on Wednesday, May 20th. Finally, Bank of America downgraded Rio Tinto from a "buy" rating to a "neutral" rating in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $101.75.

Rio Tinto Price Performance

NYSE RIO opened at $90.55 on Monday. Rio Tinto PLC has a fifty-two week low of $58.15 and a fifty-two week high of $112.58. The stock's 50-day moving average is $101.35 and its two-hundred day moving average is $95.14. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.

Key Stories Impacting Rio Tinto

Here are the key news stories impacting Rio Tinto this week:

• Positive Sentiment: Rio Tinto has been called inexpensive on earnings by one valuation view, suggesting the stock may still offer value despite recent weakness. Rio Tinto LSE: RIO Stock May Be Fully Priced On Cash Flow Yet A Bargain On Earnings
• Positive Sentiment: Stronger metals prices have lifted sentiment across miners, which could help Rio Tinto if commodity strength continues. Gold and copper miners back in fashion
• Neutral Sentiment: UBS said Rio Tinto may need to expand its copper project pipeline to avoid a growth gap after 2030, highlighting a long-term strategic issue rather than an immediate operational problem. Rio Tinto may need to bulk up its copper pipeline, Swiss bank says
• Neutral Sentiment: Barclays kept a Hold rating on Rio Tinto, reinforcing a cautious but not outright negative analyst stance. Barclays Keeps Their Hold Rating on Rio Tinto (RIO)
• Negative Sentiment: Analyst downgrade headlines and reports that Rio Tinto stepped back from a major critical minerals project may have added to investor concern about future growth and project execution. Miners, banks pull ASX down; Rio Tinto drops on downgrade
• Negative Sentiment: Rio Tinto also underperformed the market in Wednesday trading, suggesting recent momentum has been weaker than peers. Rio Tinto falls Wednesday, underperforms market

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.

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