Rio Tinto (NYSE:RIO) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Monday, November 13th, Marketbeat Ratings reports.
Other research analysts also recently issued reports about the company. Clarkson Capital reissued a “buy” rating on shares of Rio Tinto in a report on Wednesday, August 2nd. BidaskClub downgraded Rio Tinto from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Cowen set a $47.00 price target on Rio Tinto and gave the company a “hold” rating in a report on Monday, October 16th. Goldman Sachs Group reaffirmed a “neutral” rating on shares of Rio Tinto in a research note on Monday, August 14th. Finally, Axiom Securities reaffirmed a “sell” rating on shares of Rio Tinto in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Rio Tinto currently has an average rating of “Buy” and an average target price of $51.59.
Shares of Rio Tinto (RIO) traded up $0.17 during trading hours on Monday, reaching $52.93. The company’s stock had a trading volume of 2,964,394 shares, compared to its average volume of 2,457,430. Rio Tinto has a one year low of $37.66 and a one year high of $53.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.71 and a quick ratio of 1.34.
Hedge funds have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd raised its stake in shares of Rio Tinto by 18.8% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 9,500 shares of the mining company’s stock worth $402,000 after buying an additional 1,503 shares during the period. Russell Investments Group Ltd. increased its position in shares of Rio Tinto by 124.2% during the third quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock worth $51,543,000 after purchasing an additional 605,170 shares in the last quarter. Todd Asset Management LLC increased its position in shares of Rio Tinto by 2.7% during the second quarter. Todd Asset Management LLC now owns 1,120,708 shares of the mining company’s stock worth $47,417,000 after purchasing an additional 29,807 shares in the last quarter. Cadence Capital Management LLC purchased a new stake in shares of Rio Tinto during the second quarter worth approximately $517,000. Finally, Private Advisor Group LLC increased its position in shares of Rio Tinto by 23.5% during the third quarter. Private Advisor Group LLC now owns 15,436 shares of the mining company’s stock worth $740,000 after purchasing an additional 2,936 shares in the last quarter. 7.22% of the stock is owned by institutional investors and hedge funds.
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Rio Tinto Company Profile
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
