Rio Tinto PLC (NYSE:RIO) Receives Average Rating of “Hold” from Brokerages

Rio Tinto PLC (NYSE:RIO) has received an average rating of “Hold” from the sixteen ratings firms that are covering the stock, MarketBeat.com reports. Twelve analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $101.75.

RIO has been the subject of several research reports. JPMorgan Chase & Co. lowered Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. Bank of America lowered Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Barclays lowered Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, February 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a research report on Wednesday, May 20th. Finally, Argus set a $120.00 target price on Rio Tinto in a research report on Monday, April 27th.

Rio Tinto Stock Performance

Shares of NYSE RIO opened at $106.54 on Thursday. Rio Tinto has a fifty-two week low of $55.64 and a fifty-two week high of $112.58. The business has a 50 day moving average price of $98.11 and a two-hundred day moving average price of $89.23. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.

Institutional Trading of Rio Tinto

Several hedge funds have recently made changes to their positions in RIO. Cubist Systematic Strategies LLC bought a new stake in shares of Rio Tinto in the 1st quarter worth approximately $84,000. AQR Capital Management LLC lifted its holdings in shares of Rio Tinto by 78.4% in the 1st quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock worth $726,000 after purchasing an additional 5,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Rio Tinto by 20.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock worth $690,000 after purchasing an additional 1,968 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Rio Tinto by 5.8% in the 1st quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock worth $317,000 after purchasing an additional 288 shares during the last quarter. Finally, Focus Partners Wealth lifted its holdings in shares of Rio Tinto by 16.7% in the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock worth $962,000 after purchasing an additional 2,285 shares during the last quarter. Institutional investors 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.