Deutsche Bank Aktiengesellschaft Downgrades Rio Tinto (NYSE:RIO) to Hold

Key Points

• Rio Tinto's stock rating was downgraded from "buy" to "hold" by Deutsche Bank Aktiengesellschaft, reflecting cautious sentiment among securities analysts.
• The average rating for Rio Tinto's stock stands at "Moderate Buy" with a target price of $73.00, according to recent analyst ratings.
• On Wednesday, Rio Tinto's stock traded down to $60.19, with a notable trading volume of over 3.2 million shares.

Rio Tinto (NYSE:RIO - Get Free Report) was downgraded by stock analysts at Deutsche Bank Aktiengesellschaft from a "buy" rating to a "hold" rating in a research note issued on Wednesday, MarketBeat reports.

A number of other equities research analysts also recently commented on the company. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Rio Tinto has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Trading Up 0.1%

Shares of NYSE:RIO traded up $0.06 during midday trading on Wednesday, reaching $59.83. The company's stock had a trading volume of 1,271,364 shares, compared to its average volume of 3,380,184. The firm has a market cap of $75.02 billion, a price-to-earnings ratio of 9.27 and a beta of 0.66. The company has a quick ratio of 1.13, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. Rio Tinto has a 1 year low of $51.67 and a 1 year high of $72.08. The business has a 50 day moving average price of $59.56 and a 200 day moving average price of $60.31.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. lifted its stake in shares of Rio Tinto by 2.6% in the second quarter. Envestnet Asset Management Inc. now owns 525,680 shares of the mining company's stock worth $30,663,000 after acquiring an additional 13,279 shares in the last quarter. MQS Management LLC lifted its stake in shares of Rio Tinto by 19.9% in the second quarter. MQS Management LLC now owns 19,655 shares of the mining company's stock worth $1,146,000 after acquiring an additional 3,266 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its stake in shares of Rio Tinto by 0.4% in the second quarter. Kornitzer Capital Management Inc. KS now owns 297,944 shares of the mining company's stock worth $17,379,000 after acquiring an additional 1,280 shares in the last quarter. Jackson Hole Capital Partners LLC lifted its stake in shares of Rio Tinto by 39.3% in the second quarter. Jackson Hole Capital Partners LLC now owns 14,170 shares of the mining company's stock worth $827,000 after acquiring an additional 4,000 shares in the last quarter. Finally, Canal Insurance CO lifted its stake in shares of Rio Tinto by 29.4% in the second quarter. Canal Insurance CO now owns 130,000 shares of the mining company's stock worth $7,583,000 after acquiring an additional 29,500 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto 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.