Royal Bank of Canada Lowers Rio Tinto (NYSE:RIO) to Underperform

Royal Bank of Canada downgraded shares of Rio Tinto (NYSE:RIO) from a sector perform rating to an underperform rating in a research report sent to investors on Tuesday morning, Benzinga reports.

A number of other analysts have also weighed in on the company. Fundamental Research reiterated a buy rating on shares of Rio Tinto in a research note on Tuesday, October 29th. HSBC lowered Rio Tinto from a buy rating to a hold rating in a research note on Thursday, December 19th. Morgan Stanley started coverage on Rio Tinto in a research note on Thursday, November 7th. They issued an equal weight rating on the stock. ValuEngine upgraded Rio Tinto from a sell rating to a hold rating in a research note on Saturday, February 1st. Finally, UBS Group reiterated a neutral rating on shares of Rio Tinto in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company’s stock. Rio Tinto currently has an average rating of Hold and a consensus target price of $1,070.06.

RIO stock opened at $54.50 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.55 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $57.45 and its two-hundred day simple moving average is $54.11. Rio Tinto has a twelve month low of $47.88 and a twelve month high of $64.02. The firm has a market cap of $69.32 billion, a price-to-earnings ratio of 10.75 and a beta of 0.91.

In other news, insider Clark Megan purchased 525 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $94.33 per share, with a total value of $49,523.25.

Institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP bought a new stake in shares of Rio Tinto during the 1st quarter valued at $393,000. FMR LLC boosted its holdings in shares of Rio Tinto by 0.4% during the 1st quarter. FMR LLC now owns 291,222 shares of the mining company’s stock valued at $17,138,000 after buying an additional 1,027 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Rio Tinto by 3.5% during the 1st quarter. First Trust Advisors LP now owns 86,103 shares of the mining company’s stock valued at $5,067,000 after buying an additional 2,938 shares in the last quarter. Winmill & CO. Inc. bought a new stake in shares of Rio Tinto during the 3rd quarter valued at $729,000. Finally, SPX Equities Gestao de Recursos Ltda bought a new stake in shares of Rio Tinto during the 3rd quarter valued at $5,545,000. 7.35% of the stock is currently owned by institutional investors and hedge funds.

About Rio Tinto

Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.

Further Reading: Cash Flow

Analyst Recommendations for Rio Tinto (NYSE:RIO)

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