Rio Tinto Group (LON:RIO) Stock Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Rio Tinto shares climbed above their 200-day moving average of GBX 7,289.66, reaching GBX 7,770 before last trading at GBX 7,602 on heavy volume.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from seven analysts and an average price target of GBX 7,707.14. Targets range from GBX 7,400 at Deutsche Bank to GBX 8,600 at Berenberg, which upgraded the stock to “Buy.”
• Rio Tinto has a £123.64 billion market capitalization, a 10.30 price-to-earnings ratio and modest leverage, with a debt-to-equity ratio of 34.91. Corporate insiders own 0.10% of the company; insider Peter Cunningham recently sold four shares.

Rio Tinto Group (LON:RIO - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 7,289.66 and traded as high as GBX 7,770. Rio Tinto Group shares last traded at GBX 7,602, with a volume of 3,396,464 shares traded.

Analysts Set New Price Targets

RIO has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their target price on 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. Jefferies Financial Group restated a "hold" rating and set a GBX 8,500 price target on shares of Rio Tinto Group in a research note on Tuesday, June 9th. Citigroup decreased their price target on Rio Tinto Group from GBX 8,280 to GBX 8,250 and set a "neutral" rating for the company in a report on Friday, July 10th. Berenberg Bank upgraded shares of Rio Tinto Group from a "hold" rating to a "buy" rating and lifted their price objective for the company from GBX 8,100 to GBX 8,600 in a research report on Thursday, July 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a GBX 7,400 price objective on shares of Rio Tinto Group in a research note on Thursday, July 30th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Rio Tinto Group has a consensus rating of "Hold" and an average price target of GBX 7,707.14.

Rio Tinto Group Price Performance

The company has a current ratio of 1.42, a quick ratio of 1.34 and a debt-to-equity ratio of 34.91. The stock has a fifty day simple moving average of GBX 7,218.28 and a two-hundred day simple moving average of GBX 7,289.66. The company has a market cap of £123.64 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of -0.64 and a beta of 0.66.

Insider Activity at Rio Tinto Group

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

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.

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