A number of other research firms have also recently commented on RIO. Zacks Investment Research cut shares of Rio Tinto from a strong-buy rating to a hold rating in a research report on Wednesday. Goldman Sachs Group cut shares of Rio Tinto from a buy rating to a neutral rating in a report on Tuesday, July 7th. They noted that the move was a valuation call. Morgan Stanley reaffirmed an equal weight rating on shares of Rio Tinto in a report on Tuesday, May 26th. ValuEngine downgraded Rio Tinto from a sell rating to a strong sell rating in a research report on Friday, July 24th. Finally, Societe Generale reissued a buy rating on shares of Rio Tinto in a research note on Thursday, April 23rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $64.50.
Shares of RIO stock remained flat at $$61.04 during mid-day trading on Thursday. 3,109,873 shares of the stock were exchanged, compared to its average volume of 1,943,182. The company has a market capitalization of $76.18 billion, a P/E ratio of 9.64 and a beta of 0.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.61. The firm’s fifty day moving average is $58.39 and its 200-day moving average is $52.12. Rio Tinto has a 52 week low of $35.35 and a 52 week high of $62.94.
Several large investors have recently made changes to their positions in RIO. Deutsche Bank AG increased its position in shares of Rio Tinto by 108.8% in the 1st quarter. Deutsche Bank AG now owns 2,088 shares of the mining company’s stock valued at $95,000 after purchasing an additional 1,088 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in Rio Tinto during the 1st quarter valued at $4,772,000. Morgan Stanley grew its holdings in Rio Tinto by 5.7% during the 1st quarter. Morgan Stanley now owns 880,014 shares of the mining company’s stock valued at $40,093,000 after buying an additional 47,094 shares during the last quarter. Clarius Group LLC acquired a new stake in Rio Tinto during the 2nd quarter valued at $204,000. Finally, PNC Financial Services Group Inc. grew its holdings in Rio Tinto by 9.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 45,286 shares of the mining company’s stock valued at $2,063,000 after buying an additional 3,938 shares during the last quarter. Hedge funds and other institutional investors own 7.51% of the company’s stock.
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: Trading based on a resistance level
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