Zacks Research Upgrades Rio Tinto (NYSE:RIO) to "Strong-Buy"

Key Points

• Investment analysts at Zacks Research have upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating, signaling increased confidence in the company's future performance.
• The average price target for Rio Tinto's stock is set at $73.00, with a current trading range between a fifty-two week low of $51.67 and a high of $68.18.
• Institutional investors are showing interest in Rio Tinto, with several hedge funds recently increasing their holdings, indicating a potential positive outlook for the company.

Rio Tinto (NYSE:RIO - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rio Tinto in a research report on Saturday, September 27th. Barclays reissued an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Price Performance

RIO opened at $66.28 on Monday. Rio Tinto has a fifty-two week low of $51.67 and a fifty-two week high of $68.18. The firm has a 50-day moving average of $62.74 and a 200 day moving average of $60.60. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The firm has a market cap of $83.13 billion, a P/E ratio of 10.28, a PEG ratio of 4.70 and a beta of 0.66.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIO. Alpine Bank Wealth Management purchased a new stake in Rio Tinto during the first quarter valued at about $30,000. Wayfinding Financial LLC purchased a new position in shares of Rio Tinto during the 1st quarter valued at about $30,000. Pandora Wealth Inc. bought a new stake in Rio Tinto in the 1st quarter worth approximately $30,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Rio Tinto in the second quarter worth approximately $38,000. Finally, Bfsg LLC boosted its stake in shares of Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock valued at $39,000 after purchasing an additional 633 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

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.

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