Rio Tinto Group (NYSE:RIO) Shares Gap Down - Time to Sell?

Rio Tinto Group (NYSE:RIO - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $59.58, but opened at $58.08. Rio Tinto Group shares last traded at $58.26, with a volume of 1,420,444 shares trading hands.

Analysts Set New Price Targets

Several research firms have weighed in on RIO. DZ Bank upgraded Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. Wall Street Zen lowered Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. JPMorgan Chase & Co. started coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They issued an "overweight" rating for the company. Morgan Stanley cut Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto Group in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Rio Tinto Group has an average rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Group Stock Performance

The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The company has a market cap of $74.03 billion, a P/E ratio of 9.15, a price-to-earnings-growth ratio of 0.42 and a beta of 0.68. The stock has a 50 day moving average price of $59.20 and a two-hundred day moving average price of $60.73.

Hedge Funds Weigh In On Rio Tinto Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Dorsey & Whitney Trust CO LLC increased its holdings in shares of Rio Tinto Group by 2.0% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company's stock worth $477,000 after purchasing an additional 160 shares during the period. Capital Analysts LLC boosted its holdings in shares of Rio Tinto Group by 6.0% in the 4th quarter. Capital Analysts LLC now owns 2,886 shares of the mining company's stock valued at $170,000 after purchasing an additional 163 shares in the last quarter. Nemes Rush Group LLC raised its holdings in shares of Rio Tinto Group by 10.0% during the 4th quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company's stock worth $109,000 after buying an additional 169 shares in the last quarter. Aspen Wealth Strategies LLC boosted its stake in Rio Tinto Group by 3.7% in the first quarter. Aspen Wealth Strategies LLC now owns 4,810 shares of the mining company's stock valued at $289,000 after buying an additional 172 shares in the last quarter. Finally, Hamilton Point Investment Advisors LLC grew its position in Rio Tinto Group by 0.4% in the first quarter. Hamilton Point Investment Advisors LLC now owns 44,385 shares of the mining company's stock valued at $2,767,000 after acquiring an additional 194 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.