Rio Tinto (NYSE:RIO) Price Target Raised to $85.00

Rio Tinto (NYSE:RIO) had its price target raised by equities researchers at Argus from $70.00 to $85.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. Argus’ price objective suggests a potential upside of 11.69% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a research report on Monday, December 1st. Citigroup reaffirmed a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. Zacks Research lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.00.

Rio Tinto Stock Down 0.2%

Rio Tinto stock opened at $76.10 on Thursday. The stock’s 50 day moving average is $70.21 and its 200 day moving average is $64.19. Rio Tinto has a one year low of $51.67 and a one year high of $76.33. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Institutional Investors Weigh In On Rio Tinto

Hedge funds have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC raised its position in shares of Rio Tinto by 62.2% during the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after purchasing an additional 181 shares during the period. Root Financial Partners LLC bought a new stake in Rio Tinto during the 3rd quarter valued at $36,000. Triumph Capital Management acquired a new position in Rio Tinto during the third quarter worth $38,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Rio Tinto during the second quarter worth $38,000. Finally, Strategic Advocates LLC bought a new position in shares of Rio Tinto in the third quarter valued at $44,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

About Rio Tinto

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.