Rio Tinto Group (NYSE:RIO) Upgraded to “Overweight” at Morgan Stanley

Rio Tinto Group (NYSE:RIO – Get Rating) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Friday, The Fly reports.

RIO has been the subject of several other reports. JPMorgan Chase & Co. raised Rio Tinto Group from an “underweight” rating to a “neutral” rating in a research report on Monday, May 15th. CLSA raised Rio Tinto Group from an “underperform” rating to an “outperform” rating in a research report on Monday, March 13th. StockNews.com assumed coverage on Rio Tinto Group in a research report on Thursday, May 18th. They issued a “buy” rating for the company. Sanford C. Bernstein upgraded Rio Tinto Group from a “market perform” rating to an “outperform” rating in a research note on Friday, May 5th. Finally, BNP Paribas lowered Rio Tinto Group from an “outperform” rating to a “neutral” rating in a research note on Monday, February 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5,790.00.

Rio Tinto Group Stock Performance

Shares of Rio Tinto Group stock opened at $59.39 on Friday. Rio Tinto Group has a 12-month low of $50.92 and a 12-month high of $80.51. The company has a quick ratio of 1.10, a current ratio of 1.64 and a debt-to-equity ratio of 0.21. The stock has a 50 day moving average price of $64.86 and a two-hundred day moving average price of $69.07.

Hedge Funds Weigh In On Rio Tinto Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC boosted its holdings in Rio Tinto Group by 350.0% during the first quarter. Strengthening Families & Communities LLC now owns 225 shares of the mining company’s stock worth $3,442,000 after buying an additional 175 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new position in Rio Tinto Group during the first quarter worth about $27,000. CNB Bank bought a new position in shares of Rio Tinto Group during the 4th quarter valued at about $28,000. First Manhattan Co. lifted its holdings in shares of Rio Tinto Group by 555.4% during the 4th quarter. First Manhattan Co. now owns 426 shares of the mining company’s stock valued at $30,000 after purchasing an additional 361 shares in the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Rio Tinto Group by 297.2% during the 1st quarter. Larson Financial Group LLC now owns 433 shares of the mining company’s stock valued at $30,000 after purchasing an additional 324 shares in the last quarter. Institutional investors own 10.43% of the company’s stock.

Rio Tinto Group Company Profile

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Rio Tinto Plc engages in the exploration, mining, and processing of mineral resources. It operates through the following business segments: Iron Ore, Aluminium, Copper and Diamonds, Energy and Minerals, and Other Operations. The Iron Ore segment supplies global seaborne iron ore trade. The Aluminium segment produces bauxite, alumina and primary aluminum.