Truist Financial Corp Reduces Stock Position in Rio Tinto Group (NYSE:RIO)

Truist Financial Corp trimmed its position in Rio Tinto Group (NYSE:RIO) by 10.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,661 shares of the mining company’s stock after selling 10,421 shares during the period. Truist Financial Corp’s holdings in Rio Tinto Group were worth $5,155,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in Rio Tinto Group by 258.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 45,723 shares of the mining company’s stock worth $3,254,000 after acquiring an additional 32,965 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rio Tinto Group during the third quarter worth $9,577,000. NorthCrest Asset Manangement LLC purchased a new stake in shares of Rio Tinto Group in the third quarter valued at $413,000. Wealth Enhancement Advisory Services LLC increased its stake in Rio Tinto Group by 27.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 59,933 shares of the mining company’s stock valued at $4,265,000 after purchasing an additional 12,861 shares during the last quarter. Finally, Modera Wealth Management LLC lifted its position in Rio Tinto Group by 5.0% during the third quarter. Modera Wealth Management LLC now owns 70,578 shares of the mining company’s stock worth $5,023,000 after buying an additional 3,388 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Group Stock Performance

Rio Tinto Group stock opened at $63.43 on Monday. The company has a market cap of $79.47 billion, a price-to-earnings ratio of 9.83, a price-to-earnings-growth ratio of 0.42 and a beta of 0.65. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The stock’s 50-day moving average is $60.61 and its 200-day moving average is $62.94.

Analyst Upgrades and Downgrades

Several analysts have commented on RIO shares. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday. Jefferies Financial Group lowered their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rio Tinto Group has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Company Profile

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.