Franklin Resources Inc. Cuts Stake in Rio Tinto Group (NYSE:RIO)

Franklin Resources Inc. decreased its position in Rio Tinto Group (NYSE:RIO) by 4.2% during the 3rd quarter, Holdings Channel reports. The fund owned 5,045,345 shares of the mining company’s stock after selling 222,524 shares during the quarter. Franklin Resources Inc.’s holdings in Rio Tinto Group were worth $341,570,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in Rio Tinto Group by 5.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 47,072 shares of the mining company’s stock worth $3,103,000 after purchasing an additional 2,426 shares during the period. Blue Trust Inc. boosted its stake in shares of Rio Tinto Group by 66.3% in the second quarter. Blue Trust Inc. now owns 7,737 shares of the mining company’s stock valued at $493,000 after buying an additional 3,084 shares in the last quarter. Foster Victor Wealth Advisors LLC grew its holdings in Rio Tinto Group by 6.6% during the second quarter. Foster Victor Wealth Advisors LLC now owns 3,518 shares of the mining company’s stock worth $233,000 after acquiring an additional 219 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in Rio Tinto Group by 15.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 70,177 shares of the mining company’s stock worth $4,627,000 after acquiring an additional 9,520 shares in the last quarter. Finally, Solitude Financial Services acquired a new stake in Rio Tinto Group in the second quarter valued at $481,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Stock Performance

Shares of RIO stock opened at $62.20 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a fifty-two week low of $59.35 and a fifty-two week high of $75.09. The business has a fifty day simple moving average of $64.30 and a 200-day simple moving average of $65.01.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RIO shares. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Rio Tinto Group presently has an average rating of “Moderate Buy”.

About Rio Tinto Group

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.