Rio Tinto (NYSE:RIO) was downgraded by equities research analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research report issued on Thursday, The Fly reports.
A number of other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday. Citigroup reissued a “buy” rating on shares of Rio Tinto in a report on Tuesday, December 5th. Canaccord Genuity cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Cowen set a $47.00 price objective on shares of Rio Tinto and gave the stock a “hold” rating in a report on Monday, October 16th. Finally, Clarkson Capital cut shares of Rio Tinto from a “buy” rating to a “neutral” rating in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $51.59.
Shares of Rio Tinto (NYSE:RIO) traded up $0.90 during trading hours on Thursday, reaching $48.60. 4,166,500 shares of the company traded hands, compared to its average volume of 3,250,692. Rio Tinto has a 52-week low of $37.66 and a 52-week high of $50.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 1.71.
A number of hedge funds have recently added to or reduced their stakes in the business. HPM Partners LLC grew its position in shares of Rio Tinto by 1.3% during the second quarter. HPM Partners LLC now owns 10,211 shares of the mining company’s stock worth $432,000 after acquiring an additional 132 shares during the last quarter. Moors & Cabot Inc. grew its position in shares of Rio Tinto by 2.7% during the second quarter. Moors & Cabot Inc. now owns 9,997 shares of the mining company’s stock worth $425,000 after acquiring an additional 264 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Rio Tinto by 2.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 11,821 shares of the mining company’s stock worth $500,000 after acquiring an additional 281 shares during the last quarter. Acrospire Investment Management LLC grew its position in shares of Rio Tinto by 13.0% during the second quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock worth $110,000 after acquiring an additional 299 shares during the last quarter. Finally, ETRADE Capital Management LLC grew its position in shares of Rio Tinto by 3.7% during the second quarter. ETRADE Capital Management LLC now owns 8,872 shares of the mining company’s stock worth $375,000 after acquiring an additional 315 shares during the last quarter. 7.20% of the stock is currently owned by institutional investors.
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Rio Tinto Company Profile
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.
