Jefferies Group LLC Reiterates “$52.00” Price Target for Rio Tinto PLC (RIO)
Rio Tinto PLC (NYSE:RIO) has been given a $52.00 target price by equities research analysts at Jefferies Group LLC in a note issued to investors on Friday. The brokerage presently has a “buy” rating on the mining company’s stock. Jefferies Group LLC’s target price indicates a potential upside of 17.33% from the stock’s current price.
RIO has been the subject of several other reports. Zacks Investment Research raised Rio Tinto PLC from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 5th. ValuEngine raised Rio Tinto PLC from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 11th. Citigroup Inc. raised Rio Tinto PLC from a “neutral” rating to a “buy” rating in a research report on Thursday, April 20th. Bank of America Corporation raised Rio Tinto PLC from an “underperform” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Royal Bank Of Canada lowered Rio Tinto PLC from a “top pick” rating to an “outperform” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $43.00.
Rio Tinto PLC (NYSE:RIO) traded up 0.95% during trading on Friday, hitting $44.74. 1,021,132 shares of the company’s stock traded hands. The company’s 50 day moving average price is $45.08 and its 200 day moving average price is $42.11. Rio Tinto PLC has a 52-week low of $29.62 and a 52-week high of $48.03. The company has a market cap of $80.21 billion, a PE ratio of 13.04 and a beta of 0.98.
A number of hedge funds have recently added to or reduced their stakes in the company. Barings LLC purchased a new stake in Rio Tinto PLC during the first quarter worth $419,000. Pinnacle Associates Ltd. increased its stake in Rio Tinto PLC by 1.4% in the first quarter. Pinnacle Associates Ltd. now owns 87,607 shares of the mining company’s stock worth $3,564,000 after buying an additional 1,199 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Rio Tinto PLC by 1.9% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 53,031 shares of the mining company’s stock worth $2,157,000 after buying an additional 1,001 shares during the last quarter. Fort Washington Investment Advisors Inc. OH purchased a new stake in Rio Tinto PLC during the first quarter worth $1,455,000. Finally, Airain ltd purchased a new stake in Rio Tinto PLC during the first quarter worth $4,243,000. Institutional investors own 7.22% of the company’s stock.
About Rio Tinto PLC
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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