Brokerages Set Rio Tinto PLC (NYSE:RIO) PT at $101.75

Shares of Rio Tinto PLC (NYSE:RIO) have been given a consensus recommendation of “Hold” by the fourteen research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $101.75.

A number of equities analysts recently issued reports on RIO shares. Bank of America cut Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Morgan Stanley downgraded Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. Royal Bank Of Canada lowered Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, June 3rd. Sanford C. Bernstein lifted their price target on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Rio Tinto in a report on Wednesday, May 20th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in Rio Tinto during the 1st quarter worth approximately $84,000. AQR Capital Management LLC raised its stake in Rio Tinto by 78.4% during the 1st quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock valued at $726,000 after purchasing an additional 5,310 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Rio Tinto by 20.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock valued at $690,000 after purchasing an additional 1,968 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Rio Tinto by 5.8% in the first quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock valued at $317,000 after purchasing an additional 288 shares in the last quarter. Finally, Focus Partners Wealth boosted its position in shares of Rio Tinto by 16.7% in the first quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock worth $962,000 after buying an additional 2,285 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Stock Performance

Rio Tinto stock opened at $91.56 on Friday. Rio Tinto has a 1 year low of $58.40 and a 1 year high of $112.58. The firm’s 50 day moving average price is $98.69 and its two-hundred day moving average price is $95.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.

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.