Rio Tinto (NYSE:RIO) Sets New 12-Month High – Here’s Why

Rio Tinto PLC (NYSE:RIO) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $92.42 and last traded at $90.51, with a volume of 5130925 shares changing hands. The stock had previously closed at $90.43.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RIO. Citigroup reissued a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. HSBC cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Monday. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, January 14th. Finally, Erste Group Bank upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research note on Friday. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Stock Up 0.1%

The business’s 50 day moving average price is $78.80 and its 200-day moving average price is $69.72. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Institutional Investors Weigh In On Rio Tinto

A number of institutional investors have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC raised its holdings in shares of Rio Tinto by 3.0% in the 3rd quarter. Fisher Asset Management LLC now owns 19,120,168 shares of the mining company’s stock worth $1,262,122,000 after buying an additional 557,234 shares in the last quarter. Franklin Resources Inc. grew its position in Rio Tinto by 0.4% in the second quarter. Franklin Resources Inc. now owns 5,496,126 shares of the mining company’s stock valued at $320,589,000 after acquiring an additional 20,138 shares during the period. Bank of America Corp DE raised its stake in Rio Tinto by 31.9% during the third quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock worth $208,430,000 after acquiring an additional 763,786 shares in the last quarter. Bank of Montreal Can raised its stake in Rio Tinto by 10.2% during the third quarter. Bank of Montreal Can now owns 2,045,636 shares of the mining company’s stock worth $135,032,000 after acquiring an additional 190,029 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Rio Tinto by 9.3% during the third quarter. Dimensional Fund Advisors LP now owns 2,009,293 shares of the mining company’s stock valued at $132,622,000 after acquiring an additional 171,716 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

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.