Rio Tinto (NYSE:RIO) Upgraded at Erste Group Bank

Erste Group Bank upgraded shares of Rio Tinto (NYSE:RIO) from a hold rating to a buy rating in a research note released on Friday morning, Marketbeat Ratings reports.

Other analysts have also issued reports about the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday, December 29th. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Thursday. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, January 14th. Argus upped their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Finally, Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Rio Tinto presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Price Performance

RIO stock opened at $90.37 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto has a 12-month low of $51.67 and a 12-month high of $90.44. The business’s 50-day moving average is $78.40 and its 200 day moving average is $69.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new stake in Rio Tinto during the third quarter worth about $94,737,000. Marshall Wace LLP purchased a new stake in shares of Rio Tinto in the 2nd quarter valued at approximately $49,089,000. Bank of Montreal Can grew its stake in shares of Rio Tinto by 71.7% in the 2nd quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock valued at $108,238,000 after buying an additional 774,851 shares during the period. Bank of America Corp DE increased its holdings in shares of Rio Tinto by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock worth $208,430,000 after buying an additional 763,786 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Rio Tinto by 4.2% during the 2nd quarter. Fisher Asset Management LLC now owns 18,562,934 shares of the mining company’s stock valued at $1,082,776,000 after buying an additional 752,505 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.