Rio Tinto PLC (NYSE:RIO – Get Free Report) has been assigned an average rating of “Hold” from the sixteen analysts that are covering the stock, Marketbeat Ratings reports. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $101.75.
Several brokerages have weighed in on RIO. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a research report on Tuesday. Zacks Research cut Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Finally, Barclays cut Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, February 24th.
Check Out Our Latest Stock Analysis on RIO
Rio Tinto Trading Down 0.4%
Hedge Funds Weigh In On Rio Tinto
Several hedge funds have recently modified their holdings of RIO. AdvisorNet Financial Inc increased its position in shares of Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after purchasing an additional 181 shares during the period. PFS Partners LLC acquired a new position in shares of Rio Tinto in the 4th quarter worth $28,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Rio Tinto in the 4th quarter worth $28,000. Trust Co. of Toledo NA OH acquired a new position in shares of Rio Tinto in the 4th quarter worth $34,000. Finally, Evelyn Partners Investment Management LLP acquired a new position in shares of Rio Tinto in the 4th quarter worth $34,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.
About Rio Tinto
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.
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