Berenberg Bank Reaffirms "Hold" Rating for Rio Tinto (NYSE:RIO)

Rio Tinto (NYSE:RIO - Get Free Report)'s stock had its "hold" rating reissued by stock analysts at Berenberg Bank in a research report issued to clients and investors on Thursday, Marketbeat reports.

Several other analysts also recently weighed in on RIO. Barclays restated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. DZ Bank upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Finally, JPMorgan Chase & Co. began coverage on Rio Tinto in a research note on Tuesday, March 18th. They set an "overweight" rating on the stock. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Rio Tinto currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Stock Down 2.1%

Shares of Rio Tinto stock traded down $1.24 during midday trading on Thursday, hitting $58.94. The company had a trading volume of 4,409,472 shares, compared to its average volume of 3,051,176. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.13 and a current ratio of 1.63. The stock has a market capitalization of $73.91 billion, a P/E ratio of 9.14 and a beta of 0.66. The company has a 50 day moving average of $59.56 and a 200 day moving average of $60.06. Rio Tinto has a 52-week low of $51.67 and a 52-week high of $72.08.

Hedge Funds Weigh In On Rio Tinto

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ellsworth Advisors LLC boosted its stake in shares of Rio Tinto by 22.9% in the 1st quarter. Ellsworth Advisors LLC now owns 13,696 shares of the mining company's stock worth $823,000 after buying an additional 2,553 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Rio Tinto by 37.9% in the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company's stock worth $3,458,000 after buying an additional 15,839 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Rio Tinto by 68.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,427 shares of the mining company's stock worth $86,000 after buying an additional 578 shares during the last quarter. Focus Partners Wealth boosted its stake in shares of Rio Tinto by 16.7% in the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company's stock worth $962,000 after buying an additional 2,285 shares during the last quarter. Finally, McIlrath & Eck LLC boosted its stake in shares of Rio Tinto by 88.2% in the 1st quarter. McIlrath & Eck LLC now owns 2,492 shares of the mining company's stock worth $150,000 after buying an additional 1,168 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

About Rio Tinto

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.