Rio Tinto (NYSE:RIO) Rating Lowered to “Equal Weight” at Morgan Stanley

Rio Tinto (NYSE:RIO) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, MarketBeat.com reports.

Other equities analysts have also recently issued research reports about the company. Citigroup reissued a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. HSBC downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Monday. Hsbc Global Res cut shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Argus boosted their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Three research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Rio Tinto Price Performance

Shares of NYSE RIO opened at $95.07 on Wednesday. The stock’s fifty day simple moving average is $80.27 and its 200 day simple moving average is $70.28. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto has a 52-week low of $51.67 and a 52-week high of $97.11.

Hedge Funds Weigh In On Rio Tinto

Institutional investors and hedge funds have recently modified their holdings of the stock. Fisher Asset Management LLC raised its holdings in shares of Rio Tinto by 3.0% during the third quarter. Fisher Asset Management LLC now owns 19,120,168 shares of the mining company’s stock worth $1,262,122,000 after acquiring an additional 557,234 shares in the last quarter. Franklin Resources Inc. increased its position in Rio Tinto by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 5,496,126 shares of the mining company’s stock worth $320,589,000 after purchasing an additional 20,138 shares during the last quarter. Bank of America Corp DE raised its stake 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 purchasing an additional 763,786 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Rio Tinto by 10.2% during the 3rd quarter. Bank of Montreal Can now owns 2,045,636 shares of the mining company’s stock worth $135,032,000 after purchasing 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 3rd quarter. Dimensional Fund Advisors LP now owns 2,009,293 shares of the mining company’s stock valued at $132,622,000 after buying an additional 171,716 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

About Rio Tinto

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.