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.

COPYRIGHT VIOLATION NOTICE: “Rio Tinto (RIO) Rating Lowered to Neutral at J P Morgan Chase & Co” was originally reported by American Banking News and is owned by of American Banking News. If you are viewing this piece of content on another domain, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/12/14/rio-tinto-rio-rating-lowered-to-neutral-at-j-p-morgan-chase-co.html.

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.

The Fly

Analyst Recommendations for Rio Tinto (NYSE:RIO)

Receive News & Ratings for Rio Tinto Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rio Tinto and related companies with MarketBeat.com's FREE daily email newsletter.