Rio Tinto (RIO) Upgraded to Buy by Goldman Sachs Group

Rio Tinto (NYSE:RIO) was upgraded by equities researchers at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report released on Monday, The Fly reports.

RIO has been the topic of a number of other reports. BMO Capital Markets reissued a “buy” rating on shares of Rio Tinto in a research note on Tuesday, October 16th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Rio Tinto in a research note on Wednesday, November 7th. ValuEngine raised Rio Tinto from a “sell” rating to a “hold” rating in a research note on Saturday, January 5th. Investec lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Zacks Investment Research raised Rio Tinto from a “strong sell” rating to a “hold” rating in a research note on Friday, January 25th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $58.25.

Shares of RIO stock traded down $0.25 during mid-day trading on Monday, reaching $55.78. 1,903,171 shares of the stock traded hands, compared to its average volume of 3,061,368. Rio Tinto has a 1-year low of $44.62 and a 1-year high of $60.72. The firm has a market capitalization of $72.50 billion, a price-to-earnings ratio of 11.65 and a beta of 0.85. The company has a current ratio of 1.77, a quick ratio of 1.41 and a debt-to-equity ratio of 0.27.

Several institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its stake in shares of Rio Tinto by 32.4% in the third quarter. Franklin Resources Inc. now owns 13,675,628 shares of the mining company’s stock worth $697,731,000 after acquiring an additional 3,350,335 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Rio Tinto by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 9,487,110 shares of the mining company’s stock worth $459,935,000 after acquiring an additional 211,584 shares during the period. Impala Asset Management LLC lifted its stake in shares of Rio Tinto by 37.9% in the third quarter. Impala Asset Management LLC now owns 3,394,180 shares of the mining company’s stock worth $173,171,000 after acquiring an additional 933,679 shares during the period. Dimensional Fund Advisors LP increased its holdings in Rio Tinto by 9.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,772,114 shares of the mining company’s stock worth $141,433,000 after purchasing an additional 243,008 shares in the last quarter. Finally, Menora Mivtachim Holdings LTD. increased its holdings in Rio Tinto by 81.2% in the fourth quarter. Menora Mivtachim Holdings LTD. now owns 1,250,918 shares of the mining company’s stock worth $60,645,000 after purchasing an additional 560,600 shares in the last quarter. 7.14% of the stock is currently owned by institutional investors.

Rio Tinto Company Profile

Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, industrial minerals (borates, titanium dioxide, and salt), iron ore, thermal and metallurgical coal, and uranium, as well as sulphuric acid, rhenium, lead carbonate, and selenium.

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Analyst Recommendations for Rio Tinto (NYSE:RIO)

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