Rio Tinto Group (LON:RIO) Share Price Crosses Above 200-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.

Shares of Rio Tinto Group (LON:RIO - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 4,527.76 ($61.29) and traded as high as GBX 4,640.50 ($62.81). Rio Tinto Group shares last traded at GBX 4,533 ($61.36), with a volume of 2,681,001 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RIO. Royal Bank Of Canada lifted their target price on shares of Rio Tinto Group from GBX 4,700 to GBX 4,900 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Berenberg Bank reaffirmed a "hold" rating and set a GBX 4,700 target price on shares of Rio Tinto Group in a research note on Friday, August 1st. JPMorgan Chase & Co. reduced their target price 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. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto Group to a "hold" rating and reduced their price target for the company from GBX 5,300 to GBX 5,100 in a research note on Wednesday, July 30th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Rio Tinto Group presently has an average rating of "Hold" and a consensus price target of GBX 5,325.

Rio Tinto Group Stock Performance

The firm's 50 day moving average is GBX 4,536.93 and its two-hundred day moving average is GBX 4,527.76. The stock has a market capitalization of £73.65 billion, a PE ratio of 721.93, a P/E/G ratio of -0.64 and a beta of 0.59. The company has a debt-to-equity ratio of 25.28, a quick ratio of 1.34 and a current ratio of 1.70.

About Rio Tinto Group

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