Cullen Capital Management LLC Sells 592,918 Shares of Rio Tinto PLC $RIO

Cullen Capital Management LLC lowered its stake in shares of Rio Tinto PLC (NYSE:RIO) by 67.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289,761 shares of the mining company’s stock after selling 592,918 shares during the quarter. Cullen Capital Management LLC’s holdings in Rio Tinto were worth $19,127,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC raised its stake in Rio Tinto by 62.2% in the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after purchasing an additional 181 shares in the last quarter. Root Financial Partners LLC acquired a new position in shares of Rio Tinto in the 3rd quarter valued at approximately $36,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Rio Tinto in the 2nd quarter valued at approximately $38,000. MTM Investment Management LLC bought a new stake in shares of Rio Tinto during the 2nd quarter worth approximately $43,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in shares of Rio Tinto during the 2nd quarter worth approximately $53,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RIO has been the subject of several research analyst reports. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Erste Group Bank raised Rio Tinto from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Finally, Morgan Stanley downgraded Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 28th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Rio Tinto has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

Rio Tinto Trading Up 0.1%

Shares of NYSE RIO opened at $96.43 on Thursday. The company has a 50 day simple moving average of $82.13 and a 200 day simple moving average of $71.31. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $98.60.

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.