Rio Tinto (NYSE:RIO) had its price objective lifted by analysts at Cowen from $54.00 to $61.00 in a note issued to investors on Thursday. The firm presently has a “market perform” rating on the mining company’s stock. Cowen’s target price indicates a potential upside of 8.41% from the company’s previous close.

A number of other research firms have also commented on RIO. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Societe Generale raised Rio Tinto from a “hold” rating to a “buy” rating in a research note on Wednesday, November 8th. Citigroup lowered Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 17th. Finally, Clarkson Capital lowered Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $55.09.

Rio Tinto (NYSE RIO) traded up $0.49 during trading on Thursday, reaching $56.27. The company’s stock had a trading volume of 2,348,100 shares, compared to its average volume of 2,901,509. The company has a current ratio of 1.71, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $99,520.00, a price-to-earnings ratio of 16.41 and a beta of 1.01. Rio Tinto has a one year low of $37.66 and a one year high of $57.78.

Several institutional investors and hedge funds have recently modified their holdings of RIO. Acrospire Investment Management LLC lifted its stake 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 valued at $110,000 after acquiring an additional 299 shares during the period. Zions Bancorporation lifted its stake in shares of Rio Tinto by 2,992.2% during the third quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after acquiring an additional 2,304 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Rio Tinto by 212.1% during the second quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after acquiring an additional 2,166 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Rio Tinto by 120.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,753 shares of the mining company’s stock valued at $159,000 after acquiring an additional 2,048 shares during the period. Finally, MML Investors Services LLC acquired a new position in shares of Rio Tinto during the second quarter valued at $203,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Rio Tinto (NYSE:RIO)