Rio Tinto (NYSE:RIO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “
Several other equities analysts have also weighed in on the company. Royal Bank of Canada lowered Rio Tinto from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $47.87 to $48.37 in a research note on Monday, October 23rd. JPMorgan Chase & Co. lowered Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, November 13th. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Cowen reaffirmed a “market perform” rating and set a $61.00 price target (up previously from $54.00) on shares of Rio Tinto in a research report on Thursday, January 18th. Finally, Citigroup reaffirmed a “buy” rating on shares of Rio Tinto in a research report on Tuesday, December 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. Rio Tinto has a consensus rating of “Hold” and a consensus target price of $59.07.
Shares of Rio Tinto (NYSE RIO) opened at $56.75 on Tuesday. The company has a current ratio of 1.71, a quick ratio of 1.40 and a debt-to-equity ratio of 0.30. Rio Tinto has a 1-year low of $37.66 and a 1-year high of $59.25.
Several large investors have recently bought and sold shares of RIO. Zions Bancorporation grew its stake in Rio Tinto by 2,992.2% in the third quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after purchasing an additional 2,304 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Rio Tinto by 212.1% in the second quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after purchasing an additional 2,166 shares in the last quarter. Advisor Partners LLC bought a new position in Rio Tinto in the fourth quarter valued at approximately $219,000. Mackenzie Financial Corp bought a new position in Rio Tinto in the fourth quarter valued at approximately $212,000. Finally, Adviser Investments LLC bought a new position in Rio Tinto in the third quarter valued at approximately $207,000. Institutional investors and hedge funds own 7.15% of the company’s stock.
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About Rio Tinto
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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