Rio Tinto (NYSE:RIO - Get Free Report) was upgraded by Argus to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.
A number of other analysts also recently commented on RIO. Citigroup restated a "neutral" rating on shares of Rio Tinto in a research note on Thursday, July 9th. Zacks Research downgraded Rio Tinto from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Bank of America downgraded Rio Tinto from a "buy" rating to a "neutral" rating in a report on Friday, May 22nd. DZ Bank raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Finally, Royal Bank Of Canada cut shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a research note on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $105.50.
View Our Latest Stock Analysis on RIO
Rio Tinto Price Performance
Shares of RIO opened at $105.33 on Thursday. The business's 50-day moving average is $95.97 and its two-hundred day moving average is $97.35. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29. Rio Tinto has a fifty-two week low of $61.13 and a fifty-two week high of $112.58.
Hedge Funds Weigh In On Rio Tinto
Several institutional investors and hedge funds have recently modified their holdings of the business. Fisher Asset Management LLC grew its holdings in Rio Tinto by 2.7% in the fourth quarter. Fisher Asset Management LLC now owns 19,642,744 shares of the mining company's stock valued at $1,572,009,000 after purchasing an additional 522,576 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Rio Tinto by 170.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company's stock worth $311,023,000 after buying an additional 2,451,140 shares during the period. Bank of America Corp DE raised its stake in shares of Rio Tinto by 6.6% during the 1st quarter. Bank of America Corp DE now owns 3,623,294 shares of the mining company's stock worth $338,017,000 after buying an additional 225,016 shares during the period. Bank of Montreal Can lifted its position in shares of Rio Tinto by 8.6% during the 4th quarter. Bank of Montreal Can now owns 2,221,469 shares of the mining company's stock valued at $177,784,000 after buying an additional 175,833 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Rio Tinto by 102.6% during the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company's stock valued at $177,421,000 after buying an additional 1,122,667 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company's stock.
Rio Tinto Company Profile
(
Get Free Report)
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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