Rio Tinto plc ADR (NYSE:RIO) gapped down prior to trading on Friday . The stock had previously closed at $53.43, but opened at $52.10. Rio Tinto shares last traded at $50.57, with a volume of 2856281 shares changing hands.
A number of equities research analysts recently weighed in on RIO shares. Deutsche Bank restated a “neutral” rating on shares of Rio Tinto in a research note on Monday, July 16th. Royal Bank of Canada cut Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, July 25th. Jefferies Financial Group set a $67.00 price target on Rio Tinto and gave the company a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research cut Rio Tinto from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 7th. Finally, Liberum Capital upgraded Rio Tinto from a “sell” rating to a “hold” rating in a research note on Wednesday, August 22nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $58.80.
The company has a quick ratio of 1.41, a current ratio of 1.77 and a debt-to-equity ratio of 0.27. The firm has a market cap of $68.12 billion, a P/E ratio of 10.56 and a beta of 1.01.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Canada Pension Plan Investment Board acquired a new position in Rio Tinto in the 3rd quarter valued at $7,908,000. Sustainable Insight Capital Management LLC acquired a new position in Rio Tinto in the 3rd quarter valued at $259,000. Bruderman Asset Management LLC acquired a new position in Rio Tinto in the 3rd quarter valued at $2,836,000. FMR LLC grew its holdings in Rio Tinto by 3.8% in the 3rd quarter. FMR LLC now owns 271,670 shares of the mining company’s stock valued at $13,861,000 after buying an additional 9,956 shares in the last quarter. Finally, Twin Tree Management LP grew its holdings in Rio Tinto by 323.8% in the 3rd quarter. Twin Tree Management LP now owns 51,713 shares of the mining company’s stock valued at $2,638,000 after buying an additional 39,510 shares in the last quarter. 7.46% of the stock is currently owned by hedge funds and other institutional investors.
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Rio Tinto Company Profile (NYSE:RIO)
Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, industrial minerals (borates, titanium dioxide, and salt), iron ore, thermal and metallurgical coal, and uranium, as well as sulphuric acid, rhenium, lead carbonate, and selenium.
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