Rio Tinto plc (RIO) Downgraded to Sell at Citigroup Inc.
Rio Tinto plc (LON:RIO) was downgraded by research analysts at Citigroup Inc. to a “sell” rating in a report issued on Thursday. They presently have a GBX 2,450 ($30.32) price objective on the stock, down from their prior price objective of GBX 2,600 ($32.18). Citigroup Inc.’s target price suggests a potential downside of 9.51% from the stock’s previous close.
Several other equities analysts have also commented on RIO. Macquarie restated an “outperform” rating and set a GBX 2,900 ($35.89) price target on shares of Rio Tinto plc in a research report on Thursday, August 4th. Beaufort Securities restated a “hold” rating on shares of Rio Tinto plc in a research report on Thursday, August 4th. BNP Paribas upped their price target on shares of Rio Tinto plc from GBX 1,950 ($24.13) to GBX 2,000 ($24.75) and gave the stock a “neutral” rating in a research report on Thursday, August 4th. JPMorgan Chase & Co. set a GBX 3,000 ($37.13) target price on shares of Rio Tinto plc and gave the company a “buy” rating in a research report on Thursday, July 14th. Finally, Jefferies Group reiterated a “buy” rating and issued a GBX 2,600 ($32.18) target price on shares of Rio Tinto plc in a research report on Thursday, August 4th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of GBX 2,600.16 ($32.18).
Shares of Rio Tinto plc (LON:RIO) opened at 2707.50 on Thursday. The stock’s 50 day moving average is GBX 2,449.46 and its 200-day moving average is GBX 2,255.01. The stock’s market capitalization is GBX 48.70 billion. Rio Tinto plc has a one year low of GBX 1,557.00 and a one year high of GBX 2,800.00.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/13/rio-tinto-plc-rio-downgraded-to-sell-at-citigroup-inc.html
The company also recently announced a dividend, which was paid on Thursday, September 22nd. Investors of record on Thursday, August 11th were given a GBX 33.80 ($0.42) dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a yield of 1.39%.
In other news, insider Jacques,Jean-Sébastien bought 15 shares of Rio Tinto plc stock in a transaction that occurred on Monday, July 18th. The stock was purchased at an average cost of GBX 2,433 ($30.11) per share, with a total value of £364.95 ($451.67).
Rio Tinto plc Company Profile
Rio Tinto plc (Rio Tinto) is a global mining company. Rio Tinto focuses on finding, mining, and processing the Earth’s mineral resources. The Company operates through five product groups, including aluminum, copper, diamonds and minerals, energy product and iron ore. Its aluminum product group includes business includes bauxite mines, large-scale alumina refineries aluminum smelters.
Receive News & Ratings for Rio Tinto plc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rio Tinto plc and related companies with MarketBeat.com's FREE daily email newsletter.