Rio Tinto PLC (NYSE:RIO) was downgraded by analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a note issued to investors on Monday.
A number of other research firms have also weighed in on RIO. Clarkson Capital reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Wednesday, August 2nd. Citigroup Inc. reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Thursday, September 28th. Canaccord Genuity lowered Rio Tinto PLC from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Rio Tinto PLC in a research note on Monday, August 14th. Finally, Cowen and Company set a $47.00 price objective on Rio Tinto PLC and gave the company a “hold” rating in a research note on Monday, October 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $50.07.
Shares of Rio Tinto PLC (NYSE:RIO) opened at $48.00 on Monday. Rio Tinto PLC has a 52-week low of $36.25 and a 52-week high of $50.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.71 and a quick ratio of 1.34.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIO. Geode Capital Management LLC lifted its holdings in Rio Tinto PLC by 13.8% in the first quarter. Geode Capital Management LLC now owns 25,180 shares of the mining company’s stock valued at $1,024,000 after acquiring an additional 3,061 shares during the last quarter. Credit Suisse AG lifted its holdings in Rio Tinto PLC by 56.8% in the first quarter. Credit Suisse AG now owns 174,593 shares of the mining company’s stock valued at $7,102,000 after acquiring an additional 63,272 shares during the last quarter. Bank of Montreal Can purchased a new stake in Rio Tinto PLC in the second quarter valued at approximately $21,563,000. Aperio Group LLC raised its position in Rio Tinto PLC by 14.9% in the second quarter. Aperio Group LLC now owns 355,572 shares of the mining company’s stock valued at $15,044,000 after purchasing an additional 46,083 shares during the period. Finally, Sit Investment Associates Inc. raised its position in Rio Tinto PLC by 5.7% in the second quarter. Sit Investment Associates Inc. now owns 28,456 shares of the mining company’s stock valued at $1,204,000 after purchasing an additional 1,531 shares during the period. Hedge funds and other institutional investors own 7.02% of the company’s stock.
About Rio Tinto PLC
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.
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