Rio Tinto (NYSE:RIO) Downgraded by Bank of America to Neutral

Rio Tinto (NYSE:RIO) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, Marketbeat Ratings reports.

RIO has been the topic of several other reports. Sanford C. Bernstein increased their target price on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rio Tinto in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. JPMorgan Chase & Co. lowered shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Monday, March 9th. Finally, Zacks Research lowered shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Four investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $101.75.

Rio Tinto Price Performance

NYSE RIO opened at $104.88 on Friday. Rio Tinto has a 1 year low of $55.64 and a 1 year high of $112.58. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. The company’s 50 day simple moving average is $96.89 and its two-hundred day simple moving average is $88.20.

Hedge Funds Weigh In On Rio Tinto

A number of institutional investors have recently made changes to their positions in RIO. AdvisorNet Financial Inc increased its holdings in shares of Rio Tinto by 160.2% in the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after buying an additional 181 shares during the last quarter. PFS Partners LLC bought a new position in shares of Rio Tinto during the 4th quarter valued at $28,000. Nvest Wealth Strategies Inc. bought a new position in shares of Rio Tinto during the 4th quarter valued at $28,000. Trust Co. of Toledo NA OH bought a new position in shares of Rio Tinto during the 4th quarter valued at $34,000. Finally, Evelyn Partners Investment Management LLP bought a new position in shares of Rio Tinto during the 4th quarter valued at $34,000. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.