Rio Tinto PLC (NYSE:RIO) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Rio Tinto PLC has received a consensus rating of “Moderate Buy” from nine analysts, with varied recommendations including four holds, three buys, and two strong buys. The average 1-year price target is $73.00.
• Institutional investors have recently increased their holdings, with notable growth from Goldman Sachs expanding by 4.1% and Auto Owners Insurance Co by a staggering 77,150.0% during the first quarter.
• The company's stock is currently trading at $59.75, with a market cap of $74.92 billion and a price-to-earnings ratio of 9.26.

Rio Tinto PLC (NYSE:RIO - Get Free Report) has received an average recommendation of "Moderate Buy" from the nine ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $73.00.

Several research firms recently commented on RIO. Wall Street Zen lowered Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Barclays restated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday. Finally, Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th.

Hedge Funds Weigh In On Rio Tinto

A number of institutional investors have recently modified their holdings of RIO. Purkiss Capital Advisors LLC purchased a new stake in shares of Rio Tinto during the second quarter worth approximately $202,000. May Hill Capital LLC acquired a new stake in Rio Tinto in the 2nd quarter valued at about $208,000. Shilanski & Associates Inc. raised its position in shares of Rio Tinto by 2.8% during the 2nd quarter. Shilanski & Associates Inc. now owns 61,529 shares of the mining company's stock worth $3,589,000 after purchasing an additional 1,676 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Rio Tinto during the second quarter worth $1,573,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Rio Tinto by 2.6% during the second quarter. Envestnet Asset Management Inc. now owns 525,680 shares of the mining company's stock worth $30,663,000 after buying an additional 13,279 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

RIO stock traded down $0.15 during midday trading on Friday, reaching $59.62. The stock had a trading volume of 2,712,907 shares, compared to its average volume of 3,804,417. Rio Tinto has a 52-week low of $51.67 and a 52-week high of $72.08. The firm has a fifty day simple moving average of $59.52 and a two-hundred day simple moving average of $60.31. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.13 and a current ratio of 1.53. The stock has a market cap of $74.77 billion, a PE ratio of 9.24 and a beta of 0.66.

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.