Rio Tinto Group (NYSE:RIO) Cut to “Buy” at StockNews.com

StockNews.com cut shares of Rio Tinto Group (NYSE:RIO) from a strong-buy rating to a buy rating in a research report report published on Saturday.

Several other analysts have also recently weighed in on RIO. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Jefferies Financial Group cut their price target on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Price Performance

Shares of NYSE:RIO opened at $61.97 on Friday. The business’s fifty day moving average price is $61.02 and its two-hundred day moving average price is $63.32. Rio Tinto Group has a fifty-two week low of $57.85 and a fifty-two week high of $74.24. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Hedge Funds Weigh In On Rio Tinto Group

Large investors have recently bought and sold shares of the business. Philip James Wealth Mangement LLC bought a new stake in Rio Tinto Group in the third quarter valued at approximately $1,345,000. Fisher Asset Management LLC grew its stake in Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after acquiring an additional 485,731 shares during the period. Barclays PLC raised its position in shares of Rio Tinto Group by 225.6% during the third quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock worth $23,888,000 after purchasing an additional 232,539 shares during the period. Northwest Bancshares Inc. acquired a new stake in shares of Rio Tinto Group during the third quarter worth about $1,440,000. Finally, Palliser Capital UK Ltd lifted its holdings in shares of Rio Tinto Group by 213.8% during the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after purchasing an additional 674,117 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

About Rio Tinto Group

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.