Rio Tinto (RIO) Cut to “Strong Sell” at Zacks Investment Research

Rio Tinto (NYSE:RIO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Saturday.

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. “

Several other analysts have also recently commented on RIO. Clarkson Capital cut Rio Tinto from a “buy” rating to a “neutral” rating in a report on Monday, October 16th. Citigroup cut Rio Tinto from a “buy” rating to a “neutral” rating in a report on Tuesday, October 17th. Cowen set a $47.00 price target on Rio Tinto and gave the company a “hold” rating in a report on Monday, October 16th. Royal Bank of Canada cut Rio Tinto from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $47.87 to $48.37 in a report on Monday, October 23rd. Finally, Societe Generale upgraded Rio Tinto from a “hold” rating to a “buy” rating in a report on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. Rio Tinto presently has a consensus rating of “Hold” and an average price target of $55.09.

Shares of Rio Tinto (RIO) opened at $53.72 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Rio Tinto has a 1-year low of $37.66 and a 1-year high of $57.78.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. boosted its holdings in Rio Tinto by 2.8% during the second quarter. Franklin Resources Inc. now owns 25,471,792 shares of the mining company’s stock worth $797,267,000 after buying an additional 692,799 shares during the last quarter. Impala Asset Management LLC boosted its holdings in Rio Tinto by 31.5% during the fourth quarter. Impala Asset Management LLC now owns 4,416,713 shares of the mining company’s stock worth $169,866,000 after buying an additional 1,057,429 shares during the last quarter. Luminus Management LLC bought a new position in Rio Tinto during the fourth quarter worth about $138,568,000. Bank of America Corp DE boosted its holdings in Rio Tinto by 27.8% during the first quarter. Bank of America Corp DE now owns 2,545,963 shares of the mining company’s stock worth $103,570,000 after buying an additional 553,424 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Rio Tinto by 16.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,503,490 shares of the mining company’s stock worth $118,140,000 after buying an additional 353,835 shares during the last quarter. Hedge funds and other institutional investors own 7.25% of the company’s stock.

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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.

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