Rio Tinto Group (LON:RIO) Shares Cross Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Rio Tinto Group shares have crossed above their 200-day moving average, trading as high as GBX 4,640.50, indicating a significant movement in the stock price.
• Several brokerages have adjusted their target prices for Rio Tinto Group, with Royal Bank of Canada setting a new target of GBX 4,900, while Deutsche Bank downgraded its target to GBX 5,100.
• The stock currently has an average rating of "Hold" from analysts, with two recommending a Buy and four giving a Hold rating.

Rio Tinto Group (LON:RIO - Get Free Report)'s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 4,527.76 ($61.80) and traded as high as GBX 4,640.50 ($63.34). Rio Tinto Group shares last traded at GBX 4,533 ($61.88), with a volume of 2,681,001 shares traded.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RIO shares. JPMorgan Chase & Co. lowered their price objective on shares of Rio Tinto Group from GBX 5,570 to GBX 5,450 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Royal Bank Of Canada increased their price target on shares of Rio Tinto Group from GBX 4,700 to GBX 4,900 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Berenberg Bank restated a "hold" rating and set a GBX 4,700 price objective on shares of Rio Tinto Group in a research report on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft cut Rio Tinto Group to a "hold" rating and lowered their target price for the company from GBX 5,300 to GBX 5,100 in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Rio Tinto Group currently has a consensus rating of "Hold" and an average price target of GBX 5,325.

Rio Tinto Group Stock Performance

The stock has a market cap of £75.54 billion, a price-to-earnings ratio of 740.48, a price-to-earnings-growth ratio of -0.64 and a beta of 0.59. The company has a debt-to-equity ratio of 25.28, a current ratio of 1.70 and a quick ratio of 1.34. The stock's 50-day moving average is GBX 4,561.43 and its 200-day moving average is GBX 4,518.44.

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.