Rio Tinto (NYSE:RIO) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Rio Tinto from “strong sell” to “hold,” while broader analyst sentiment remains “Hold” with an average price target of $101.62.
• Rio Tinto shares opened at $102.87, compared with a 52-week range of $61.72 to $112.58; the stock’s 50-day and 200-day moving averages were $96.69 and $97.86, respectively.
• Institutional investors own 19.33% of the mining company, which produces iron ore, aluminum, copper, diamonds and other materials for industries including steelmaking, automotive and construction.

Rio Tinto (NYSE:RIO - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Wednesday, Zacks reports.

A number of other analysts have also recently weighed in on RIO. Morgan Stanley began coverage on shares of Rio Tinto in a report on Monday, August 24th. They issued an "underweight" rating and a $90.00 price objective on the stock. Weiss Ratings raised shares of Rio Tinto from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. Bank of America cut shares of Rio Tinto from a "buy" rating to a "neutral" rating in a research report on Friday, May 22nd. Argus upgraded shares of Rio Tinto to a "strong-buy" rating in a research note on Thursday, August 20th. Finally, Erste Group Bank cut Rio Tinto from a "buy" rating to a "hold" rating in a report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $101.62.

Rio Tinto Price Performance

RIO stock opened at $102.87 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 0.93 and a debt-to-equity ratio of 0.29. Rio Tinto has a 1 year low of $61.72 and a 1 year high of $112.58. The stock's fifty day moving average is $96.69 and its two-hundred day moving average is $97.86.

Hedge Funds Weigh In On Rio Tinto

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AdvisorNet Financial Inc lifted its stake 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 acquiring an additional 181 shares during the period. Timbuktu Capital Management LLC acquired a new position in shares of Rio Tinto during the second quarter valued at approximately $28,000. Evelyn Partners Investment Management LLP acquired a new position in shares of Rio Tinto during the fourth quarter valued at approximately $34,000. V Square Quantitative Management LLC bought a new stake in Rio Tinto during the first quarter worth approximately $35,000. Finally, Glen Eagle Advisors LLC raised its holdings in Rio Tinto by 32.2% during the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company's stock worth $36,000 after purchasing an additional 110 shares in the last quarter. Institutional investors own 19.33% of the company's stock.

About Rio Tinto

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.

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