Citigroup Cuts Rio Tinto Group (LON:RIO) Price Target to GBX 8,250

Key Points

• Citigroup lowered its price target on Rio Tinto Group slightly, from GBX 8,280 to GBX 8,250, while keeping a neutral rating on the stock. The target still implies about 22% upside from the previous close.
• Other brokerages remain mostly cautious on Rio Tinto, with several hold ratings and one sell; the overall consensus from analysts is currently “Reduce” with an average price target of GBX 7,475.71.
• Rio Tinto shares opened at GBX 6,760, below its 50-day and 200-day moving averages, and the stock has traded between GBX 4,332.45 and GBX 8,325 over the past year.

Rio Tinto Group (LON:RIO - Get Free Report) had its price objective lowered by Citigroup from GBX 8,280 to GBX 8,250 in a research note issued to investors on Friday,London Stock Exchange reports. The firm currently has a "neutral" rating on the stock. Citigroup's price target would suggest a potential upside of 22.04% from the company's previous close.

Several other brokerages also recently weighed in on RIO. Jefferies Financial Group reaffirmed a "hold" rating and issued a GBX 8,500 target price on shares of Rio Tinto Group in a report on Tuesday, June 9th. JPMorgan Chase & Co. raised Rio Tinto Group to a "neutral" rating and raised their price target for the company from GBX 7,200 to GBX 8,280 in a report on Tuesday, May 26th. Royal Bank Of Canada restated an "underperform" rating and issued a GBX 6,400 price objective on shares of Rio Tinto Group in a research report on Wednesday, July 1st. Berenberg Bank reaffirmed a "hold" rating and issued a GBX 6,600 price objective on shares of Rio Tinto Group in a research note on Thursday, June 4th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a GBX 7,400 target price on shares of Rio Tinto Group in a research report on Wednesday, July 1st. Six investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rio Tinto Group presently has an average rating of "Reduce" and a consensus price target of GBX 7,475.71.

Rio Tinto Group Stock Performance

Shares of LON RIO opened at GBX 6,760 on Friday. The firm has a fifty day moving average price of GBX 7,566.10 and a 200-day moving average price of GBX 7,063.07. The company has a debt-to-equity ratio of 37.79, a current ratio of 1.44 and a quick ratio of 1.34. The stock has a market cap of £109.93 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of -0.64 and a beta of 0.65. Rio Tinto Group has a 1 year low of GBX 4,332.45 and a 1 year high of GBX 8,325.

Insider Transactions at Rio Tinto Group

In other Rio Tinto Group news, insider Peter Cunningham sold 6 shares of Rio Tinto Group stock in a transaction on Friday, April 17th. The shares were sold at an average price of GBX 7,311, for a total value of £438.66. Corporate insiders own 0.10% of the company's stock.

About Rio Tinto Group

We operate in 35 countries where our 60,000 employees are working to find better ways to provide the materials the world needs. Our portfolio includes iron ore, copper, aluminium and a range of other minerals and materials needed for people, communities and nations to grow and prosper, and for the world to cut carbon emissions to net zero. We continuously search for new projects that can support the energy transition, currently exploring for 7 commodities in 17 countries. We have more than 150 years of mining and processing experience guiding our work.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.