Royal Bank Of Canada Has Lowered Expectations for Rio Tinto Group (LON:RIO) Stock Price

Key Points

• Royal Bank of Canada cut its price target on Rio Tinto Group from GBX 6,300 to GBX 6,100 and kept an underperform rating, implying about 9.94% downside from the prior close.
• Other analysts were also cautious: several firms lowered targets or maintained hold/neutral views, and the broader consensus rating on Rio Tinto is now “Reduce” with an average target price of GBX 7,432.86.
• Rio Tinto shares opened at GBX 6,773.50, while the company reported a market cap of £110.15 billion and a stock price range over the past year of GBX 4,344.50 to GBX 8,325.

Rio Tinto Group (LON:RIO - Get Free Report) had its target price lowered by Royal Bank Of Canada from GBX 6,300 to GBX 6,100 in a note issued to investors on Thursday,Digital Look reports. The brokerage presently has an "underperform" rating on the stock. Royal Bank Of Canada's price objective suggests a potential downside of 9.94% from the company's previous close.

Several other brokerages also recently commented on RIO. Shore Capital Group dropped their target price on Rio Tinto Group from GBX 7,400 to GBX 6,900 and set a "hold" rating on the stock in a report on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a GBX 7,400 price objective on shares of Rio Tinto Group in a research report on Wednesday, July 1st. Citigroup dropped their price objective on shares of Rio Tinto Group from GBX 8,280 to GBX 8,250 and set a "neutral" rating on the stock in a research note on Friday, July 10th. JPMorgan Chase & Co. raised shares of Rio Tinto Group to a "neutral" rating and boosted their target price for the stock from GBX 7,200 to GBX 8,280 in a research report on Tuesday, May 26th. Finally, Berenberg Bank reaffirmed a "hold" rating and set a GBX 6,600 price target on shares of Rio Tinto Group in a research note on Thursday, June 4th. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of GBX 7,432.86.

Rio Tinto Group Stock Performance

LON:RIO opened at GBX 6,773.50 on Thursday. The company has a current ratio of 1.44, a quick ratio of 1.34 and a debt-to-equity ratio of 37.79. The firm has a market capitalization of £110.15 billion, a price-to-earnings ratio of 11.13, a PEG ratio of -0.64 and a beta of 0.65. The firm's fifty day simple moving average is GBX 7,520.17 and its 200 day simple moving average is GBX 7,087.25. Rio Tinto Group has a twelve month low of GBX 4,344.50 and a twelve month high of GBX 8,325.

Insiders Place Their Bets

In other Rio Tinto Group news, insider Peter Cunningham sold 6 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of GBX 7,311, for a total value of £438.66. 0.10% of the stock is owned by corporate insiders.

Rio Tinto Group Company Profile

We operate in 35 countries where our 60,000 employees are working to find better ways to provide the materials the world needs. Our portfolio includes iron ore, copper, aluminium and a range of other minerals and materials needed for people, communities and nations to grow and prosper, and for the world to cut carbon emissions to net zero. We continuously search for new projects that can support the energy transition, currently exploring for 7 commodities in 17 countries. We have more than 150 years of mining and processing experience guiding our work.

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