Citigroup Inc. Lowers Rio Tinto PLC (RIO) to Sell
Rio Tinto PLC (NYSE:RIO) was downgraded by equities researchers at Citigroup Inc. from a “neutral” rating to a “sell” rating in a report released on Wednesday, The Fly reports.
RIO has been the subject of a number of other research reports. Axiom Securities reiterated a “sell” rating on shares of Rio Tinto PLC in a research report on Tuesday, August 30th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Rio Tinto PLC in a research report on Thursday, September 22nd. Jefferies Group boosted their price target on Rio Tinto PLC from $35.00 to $38.00 and gave the company a “hold” rating in a report on Tuesday, August 23rd. RBC Capital Markets raised Rio Tinto PLC from a “sector perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Thursday, September 8th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Rio Tinto PLC in a report on Wednesday, September 7th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the company. Rio Tinto PLC presently has an average rating of “Hold” and an average target price of $34.44.
Rio Tinto PLC (NYSE:RIO) traded up 0.71% during mid-day trading on Wednesday, hitting $32.81. The company’s stock had a trading volume of 4,968,931 shares. The company’s 50 day moving average is $31.85 and its 200-day moving average is $30.90. Rio Tinto PLC has a 52-week low of $21.89 and a 52-week high of $39.37. The stock has a market cap of $59.02 billion, a P/E ratio of 1491.36 and a beta of 1.47.
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The firm also recently declared a dividend, which was paid on Thursday, September 22nd. Stockholders of record on Friday, August 12th were issued a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, August 10th.
Several large investors have recently modified their holdings of RIO. Signaturefd LLC increased its stake in shares of Rio Tinto PLC by 29.9% in the second quarter. Signaturefd LLC now owns 3,285 shares of the mining company’s stock valued at $103,000 after buying an additional 757 shares during the last quarter. Huntington Asset Advisors Inc. acquired a new stake in shares of Rio Tinto PLC during the first quarter valued at $110,000. Carroll Financial Associates Inc. increased its stake in shares of Rio Tinto PLC by 2.3% in the second quarter. Carroll Financial Associates Inc. now owns 4,442 shares of the mining company’s stock valued at $139,000 after buying an additional 100 shares during the last quarter. NEXT Financial Group Inc increased its stake in shares of Rio Tinto PLC by 979.3% in the second quarter. NEXT Financial Group Inc now owns 6,044 shares of the mining company’s stock valued at $189,000 after buying an additional 5,484 shares during the last quarter. Finally, Calvert Investment Management Inc. acquired a new stake in shares of Rio Tinto PLC during the second quarter valued at $205,000. Hedge funds and other institutional investors own 6.74% of the company’s stock.
Rio Tinto PLC Company Profile
Rio Tinto plc is a mining company. The Company focuses on finding, mining, processing and marketing the Earth’s mineral resources. The Company’s segments include aluminum, copper and coal, diamonds and minerals, and iron ore. The Company’s aluminum business includes bauxite mines, alumina refineries and aluminum smelters.
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