Rio Tinto (NYSE:RIO) Downgraded by JPMorgan Chase & Co. to Neutral

Key Points

• JPMorgan Chase & Co. downgraded Rio Tinto from an "overweight" to a "neutral" rating in a report released Monday.
• Analysts' consensus is an average rating of "Hold" with an average price target of $85.00; RIO opened at $90.03 and was reported down about 3.6%, with a one‑year range of $51.67–$101.53.
• Notable institutional activity: HSBC grew its Rio Tinto stake by 160.5% in Q4, and roughly 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto (NYSE:RIO - Get Free Report) was downgraded by stock analysts at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a report released on Monday.

Several other brokerages have also issued reports on RIO. DZ Bank lowered Rio Tinto from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 20th. Citigroup raised Rio Tinto to a "hold" rating in a research note on Tuesday, February 10th. Zacks Research raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Monday, December 29th. HSBC lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Monday, January 26th. Finally, Erste Group Bank raised shares of Rio Tinto from a "hold" rating to a "buy" rating in a research note on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $85.00.

Rio Tinto Stock Down 3.6%

RIO stock opened at $90.03 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average price of $91.22 and a two-hundred day moving average price of $76.83. Rio Tinto has a one year low of $51.67 and a one year high of $101.53.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RIO. Hsbc Holdings PLC grew its holdings in shares of Rio Tinto by 160.5% in the fourth quarter. Hsbc Holdings PLC now owns 25,929 shares of the mining company's stock worth $2,075,000 after purchasing an additional 68,755 shares during the last quarter. Pure Financial Advisors LLC increased its holdings in Rio Tinto by 24.6% during the 4th quarter. Pure Financial Advisors LLC now owns 5,344 shares of the mining company's stock valued at $428,000 after purchasing an additional 1,056 shares during the period. Rehmann Capital Advisory Group bought a new position in Rio Tinto during the 4th quarter valued at approximately $368,000. S Harris Financial Group LLC bought a new position in shares of Rio Tinto during the fourth quarter valued at approximately $336,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Rio Tinto by 244.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,335 shares of the mining company's stock worth $747,000 after acquiring an additional 6,624 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company's activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.

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