Rio Tinto PLC $RIO Position Reduced by Franklin Resources Inc.

Franklin Resources Inc. trimmed its stake in shares of Rio Tinto PLC (NYSE:RIO) by 19.6% during the fourth quarter, HoldingsChannel reports. The fund owned 1,395,655 shares of the mining company’s stock after selling 341,141 shares during the quarter. Franklin Resources Inc.’s holdings in Rio Tinto were worth $111,694,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Caprock Group LLC bought a new position in Rio Tinto during the 3rd quarter valued at $1,416,000. Grantham Mayo Van Otterloo & Co. LLC lifted its position in shares of Rio Tinto by 21.6% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,126,445 shares of the mining company’s stock worth $74,357,000 after buying an additional 199,962 shares during the last quarter. Shrier Wealth Management LLC bought a new position in shares of Rio Tinto in the 4th quarter worth about $1,280,000. Fisher Asset Management LLC lifted its position in shares of Rio Tinto by 3.0% in the 3rd quarter. Fisher Asset Management LLC now owns 19,120,168 shares of the mining company’s stock worth $1,262,122,000 after buying an additional 557,234 shares during the last quarter. Finally, Commons Capital LLC bought a new position in shares of Rio Tinto in the 3rd quarter worth about $1,980,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Price Performance

Rio Tinto stock opened at $99.26 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. Rio Tinto PLC has a 1 year low of $55.64 and a 1 year high of $112.58. The firm’s 50-day moving average is $101.75 and its 200-day moving average is $91.68.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RIO shares. Bank of America downgraded shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Citigroup restated a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, May 26th. DZ Bank upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. downgraded shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $101.75.

Rio Tinto 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.