Rio Tinto (RIO) Price Target Increased to $61.00 by Analysts at Argus

Rio Tinto (NYSE:RIO) had its price target increased by equities research analysts at Argus to $61.00 in a note issued to investors on Wednesday. The firm currently has a “buy” rating on the mining company’s stock. Argus’ price target indicates a potential upside of 5.10% from the company’s previous close.

A number of other analysts have also weighed in on the company. Zacks Investment Research lowered Rio Tinto from a “hold” rating to a “strong sell” rating in a research report on Saturday. Cowen reaffirmed a “market perform” rating and set a $61.00 price objective (up previously from $54.00) on shares of Rio Tinto in a research report on Thursday, January 18th. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. JPMorgan Chase & Co. lowered Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Thursday, December 14th. Finally, Citigroup reaffirmed a “buy” rating on shares of Rio Tinto in a research report on Tuesday, December 5th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. Rio Tinto currently has an average rating of “Hold” and a consensus target price of $56.27.

Rio Tinto (RIO) traded up $2.33 during trading hours on Wednesday, reaching $58.04. The company’s stock had a trading volume of 5,440,703 shares, compared to its average volume of 3,170,000. The company has a quick ratio of 1.40, a current ratio of 1.71 and a debt-to-equity ratio of 0.30. Rio Tinto has a one year low of $37.66 and a one year high of $58.20. The firm has a market capitalization of $103,440.00, a PE ratio of 11.89 and a beta of 1.09.

A number of large investors have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. increased its holdings in Rio Tinto by 11.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 16,586 shares of the mining company’s stock valued at $878,000 after buying an additional 1,733 shares during the last quarter. G&S Capital LLC purchased a new position in Rio Tinto in the fourth quarter valued at $624,000. Raymond James & Associates increased its holdings in Rio Tinto by 8.9% in the fourth quarter. Raymond James & Associates now owns 520,785 shares of the mining company’s stock valued at $27,565,000 after buying an additional 42,674 shares during the last quarter. Guggenheim Capital LLC increased its holdings in Rio Tinto by 17.9% in the fourth quarter. Guggenheim Capital LLC now owns 135,680 shares of the mining company’s stock valued at $7,182,000 after buying an additional 20,603 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in Rio Tinto by 6.6% in the fourth quarter. Franklin Resources Inc. now owns 15,278,793 shares of the mining company’s stock valued at $808,707,000 after buying an additional 949,800 shares during the last quarter. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

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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)

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