HSBC Upgrades Rio Tinto (RIO) to Buy

Rio Tinto (NYSE:RIO) was upgraded by HSBC to a “buy” rating in a research note issued to investors on Wednesday.

RIO has been the topic of a number of other research reports. Bank of America lowered Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 20th. Vertical Group started coverage on Rio Tinto in a research note on Monday, April 9th. They set a “sell” rating and a $41.00 price objective on the stock. Zacks Investment Research lowered Rio Tinto from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 10th. Cowen reaffirmed a “market perform” rating and issued a $61.00 target price (up previously from $54.00) on shares of Rio Tinto in a report on Thursday, January 18th. Finally, UBS reaffirmed a “buy” rating on shares of Rio Tinto in a report on Monday, March 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Rio Tinto currently has an average rating of “Hold” and a consensus price target of $56.73.

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Rio Tinto stock opened at $54.74 on Wednesday. Rio Tinto has a one year low of $37.66 and a one year high of $59.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.40 and a current ratio of 1.71. The firm has a market cap of $73,044.02, a price-to-earnings ratio of 11.43 and a beta of 1.16.

Rio Tinto announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the mining company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Several hedge funds have recently modified their holdings of the business. Franklin Resources Inc. boosted its holdings in shares of Rio Tinto by 6.6% during the 4th quarter. Franklin Resources Inc. now owns 15,278,793 shares of the mining company’s stock valued at $808,707,000 after acquiring an additional 949,800 shares in the last quarter. Tide Point Capital Management LP boosted its holdings in shares of Rio Tinto by 1,548.5% during the 4th quarter. Tide Point Capital Management LP now owns 641,851 shares of the mining company’s stock valued at $33,974,000 after acquiring an additional 602,915 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Rio Tinto by 63.2% during the 4th quarter. Millennium Management LLC now owns 1,022,195 shares of the mining company’s stock valued at $54,105,000 after acquiring an additional 395,984 shares in the last quarter. Eaton Vance Management boosted its holdings in shares of Rio Tinto by 75.2% during the 4th quarter. Eaton Vance Management now owns 790,941 shares of the mining company’s stock valued at $41,864,000 after acquiring an additional 339,489 shares in the last quarter. Finally, Delek Group Ltd. acquired a new stake in shares of Rio Tinto during the 4th quarter valued at $10,042,000. 7.20% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Rio Tinto (NYSE:RIO)

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