Zacks Investment Research cut shares of Rio Tinto (NYSE:RIO) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “
Several other brokerages have also recently weighed in on RIO. Jefferies Group set a $52.00 price target on shares of Rio Tinto and gave the stock a buy rating in a research note on Friday, August 18th. Clarkson Capital cut shares of Rio Tinto from a buy rating to a neutral rating in a research note on Monday, October 16th. Societe Generale raised Rio Tinto from a hold rating to a buy rating in a report on Wednesday, November 8th. Canaccord Genuity downgraded Rio Tinto from a buy rating to a hold rating in a report on Tuesday, September 26th. Finally, Royal Bank of Canada downgraded Rio Tinto from a top pick rating to an outperform rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $51.59.
Shares of Rio Tinto (RIO) traded up $1.06 on Wednesday, hitting $49.12. 3,388,810 shares of the stock traded hands, compared to its average volume of 2,280,277. Rio Tinto has a one year low of $37.66 and a one year 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.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zions Bancorporation boosted its holdings in shares of Rio Tinto by 2,992.2% in the 3rd quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after buying an additional 2,304 shares during the last quarter. Knowledge Leaders Capital LLC lifted its holdings in Rio Tinto by 126.0% during the 2nd quarter. Knowledge Leaders Capital LLC now owns 2,393 shares of the mining company’s stock valued at $101,000 after purchasing an additional 1,334 shares during the last quarter. Acrospire Investment Management LLC lifted its holdings in Rio Tinto by 13.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock valued at $110,000 after purchasing an additional 299 shares during the last quarter. Hudock Capital Group LLC lifted its holdings in Rio Tinto by 125.4% during the 2nd quarter. Hudock Capital Group LLC now owns 2,795 shares of the mining company’s stock valued at $118,000 after purchasing an additional 1,555 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Rio Tinto by 212.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after purchasing an additional 2,166 shares during the last quarter. 7.20% of the stock is owned by institutional investors.
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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.
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