Rio Tinto (RIO) Cut to “Hold” at HSBC

HSBC cut shares of Rio Tinto (NYSE:RIO) from a buy rating to a hold rating in a report released on Tuesday morning, The Fly reports.

A number of other research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Rio Tinto from a buy rating to a hold rating in a research report on Wednesday, December 13th. JPMorgan Chase & Co. downgraded shares of Rio Tinto from an overweight rating to a neutral rating in a research report on Thursday, December 14th. Societe Generale raised shares of Rio Tinto from a hold rating to a buy rating in a research report on Wednesday, November 8th. Royal Bank of Canada downgraded shares of Rio Tinto from an outperform rating to a sector perform rating and lifted their price objective for the company from $47.87 to $48.37 in a research report on Monday, October 23rd. Finally, Citigroup reissued a buy rating on shares of Rio Tinto in a research report on Tuesday, December 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $55.09.

Shares of Rio Tinto (RIO) traded down $0.19 on Tuesday, hitting $56.05. 2,510,689 shares of the stock were exchanged, compared to its average volume of 2,806,646. Rio Tinto has a 52 week low of $37.66 and a 52 week high of $57.78. The company has a market cap of $100,220.00, a P/E ratio of 16.34 and a beta of 1.01. The company has a current ratio of 1.71, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Moors & Cabot Inc. lifted its stake in shares of Rio Tinto by 2.7% during the 2nd quarter. Moors & Cabot Inc. now owns 9,997 shares of the mining company’s stock worth $425,000 after buying an additional 264 shares during the last quarter. Acrospire Investment Management LLC lifted its stake in shares of Rio Tinto by 13.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock worth $110,000 after buying an additional 299 shares during the last quarter. ETRADE Capital Management LLC lifted its stake in shares of Rio Tinto by 3.7% during the 2nd quarter. ETRADE Capital Management LLC now owns 8,872 shares of the mining company’s stock worth $375,000 after buying an additional 315 shares during the last quarter. Advisor Group Inc. lifted its stake in shares of Rio Tinto by 4.7% during the 2nd quarter. Advisor Group Inc. now owns 11,541 shares of the mining company’s stock worth $484,000 after buying an additional 518 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Rio Tinto by 3.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 22,040 shares of the mining company’s stock worth $933,000 after buying an additional 686 shares during the last quarter. Institutional investors own 7.24% of the company’s stock.

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About Rio Tinto

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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