Rio Tinto (RIO) Stock Rating Lowered by Zacks Investment Research
Rio Tinto (NYSE:RIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “
Other analysts have also recently issued research reports about the company. Canaccord Genuity cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Citigroup restated a “buy” rating on shares of Rio Tinto in a report on Thursday, September 28th. Jefferies Group set a $55.00 target price on Rio Tinto and gave the stock a “buy” rating in a report on Thursday, October 5th. Clarkson Capital cut Rio Tinto from a “buy” rating to a “neutral” rating in a report on Monday, October 16th. Finally, Cowen set a $47.00 target price on Rio Tinto and gave the stock a “hold” rating in a report on Monday, October 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $51.59.
A number of institutional investors have recently bought and sold shares of RIO. Van ECK Associates Corp boosted its holdings in Rio Tinto by 237.3% in the third quarter. Van ECK Associates Corp now owns 1,280,538 shares of the mining company’s stock valued at $60,429,000 after acquiring an additional 900,859 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Rio Tinto by 124.2% in the third quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock valued at $51,543,000 after acquiring an additional 605,170 shares during the last quarter. Jennison Associates LLC boosted its holdings in Rio Tinto by 35.7% in the third quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock valued at $100,973,000 after acquiring an additional 563,461 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Rio Tinto by 34.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,149,655 shares of the mining company’s stock valued at $90,952,000 after buying an additional 554,656 shares during the period. Finally, Barometer Capital Management Inc. acquired a new position in Rio Tinto in the third quarter valued at about $19,213,000. Institutional investors and hedge funds own 7.22% of the company’s stock.
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About Rio Tinto
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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