Rio Tinto Group (LON:RIO) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Rio Tinto’s share price moved above its 200-day moving average, reaching GBX 7,723 before last trading at GBX 7,581 on volume of nearly 3 million shares.
• Analyst sentiment remains mixed but averages to a “Hold” rating, with one Buy, five Holds and one Sell; the average price target is GBX 7,707.14.
• The company has a market capitalization of approximately £123.29 billion and operates across 35 countries, producing iron ore, copper, aluminium and other materials supporting global growth and the energy transition.

Rio Tinto Group (LON:RIO - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 7,271.83 and traded as high as GBX 7,723. Rio Tinto Group shares last traded at GBX 7,581, with a volume of 2,970,637 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada reissued an "underperform" rating and set a GBX 6,100 price target on shares of Rio Tinto Group in a research note on Wednesday, July 29th. Jefferies Financial Group reaffirmed a "hold" rating and issued a GBX 8,500 price objective on shares of Rio Tinto Group in a research note on Tuesday, June 9th. JPMorgan Chase & Co. reduced their price objective on shares of Rio Tinto Group from GBX 8,270 to GBX 8,200 and set a "neutral" rating on the stock in a research note on Tuesday, July 28th. Berenberg Bank raised shares of Rio Tinto Group from a "hold" rating to a "buy" rating and lifted their target price for the stock from GBX 8,100 to GBX 8,600 in a report on Thursday, July 30th. Finally, Shore Capital Group dropped their target price on shares of Rio Tinto Group from GBX 7,400 to GBX 6,900 and set a "hold" rating for the company in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of GBX 7,707.14.

Rio Tinto Group Stock Performance

The stock has a market cap of £123.29 billion, a price-to-earnings ratio of 10.27, a PEG ratio of -0.64 and a beta of 0.66. The stock's fifty day moving average is GBX 7,161.37 and its 200-day moving average is GBX 7,271.83. The company has a quick ratio of 1.34, a current ratio of 1.42 and a debt-to-equity ratio of 34.91.

Insider Buying and Selling at Rio Tinto Group

In other news, insider Peter Cunningham sold 4 shares of Rio Tinto Group stock in a transaction on Friday, July 17th. The shares were sold at an average price of GBX 6,640, for a total transaction of £265.60. 0.10% of the stock is currently owned by corporate insiders.

Rio Tinto Group Company Profile

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.

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