Rio Tinto (NYSE:RIO) Sets New 1-Year High – Here’s What Happened

Rio Tinto PLC (NYSE:RIO) shares reached a new 52-week high on Wednesday . The stock traded as high as $74.22 and last traded at $74.3380, with a volume of 3327363 shares traded. The stock had previously closed at $72.34.

Analysts Set New Price Targets

Several brokerages have commented on RIO. Citigroup reiterated a “hold” rating on shares of Rio Tinto in a report on Monday, November 17th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research report on Monday. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Rio Tinto presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Trading Down 1.0%

The firm’s 50-day simple moving average is $69.54 and its 200-day simple moving average is $63.83. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Hedge Funds Weigh In On Rio Tinto

Several large investors have recently added to or reduced their stakes in the company. Fisher Asset Management LLC increased its position in shares of Rio Tinto by 3.0% during the third quarter. Fisher Asset Management LLC now owns 19,120,168 shares of the mining company’s stock valued at $1,262,122,000 after purchasing an additional 557,234 shares during the period. Goldman Sachs Group Inc. boosted its stake in Rio Tinto by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock worth $502,787,000 after buying an additional 326,661 shares in the last quarter. Franklin Resources Inc. increased its holdings in Rio Tinto by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 5,496,126 shares of the mining company’s stock valued at $320,589,000 after buying an additional 20,138 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in shares of Rio Tinto in the 2nd quarter valued at $292,770,000. Finally, Bank of America Corp DE raised its stake in shares of Rio Tinto by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock valued at $208,430,000 after buying an additional 763,786 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.