HSBC initiated coverage on shares of Rio Tinto PLC (NYSE:RIO) in a note issued to investors on Thursday. The brokerage set a “buy” rating on the mining company’s stock.

Several other research firms also recently weighed in on RIO. Cowen and Company lifted their price target on shares of Rio Tinto PLC from $35.00 to $42.00 and gave the company a “market perform” rating in a research note on Thursday. Sanford C. Bernstein reissued an “outperform” rating on shares of Rio Tinto PLC in a report on Thursday, October 27th. CIBC raised shares of Rio Tinto PLC from a “sector underperform” rating to a “sector perform” rating in a report on Thursday, September 29th. Deutsche Bank AG reissued a “buy” rating on shares of Rio Tinto PLC in a report on Friday, July 15th. Finally, Jefferies Group reissued a “buy” rating on shares of Rio Tinto PLC in a report on Thursday, July 14th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Rio Tinto PLC has a consensus rating of “Hold” and a consensus price target of $35.56.

Analyst Recommendations for Rio Tinto PLC (NYSE:RIO)

Rio Tinto PLC (NYSE:RIO) opened at 39.08 on Thursday. Rio Tinto PLC has a 12-month low of $21.89 and a 12-month high of $40.19. The company has a market capitalization of $70.30 billion, a PE ratio of 1776.36 and a beta of 1.27. The stock’s 50 day moving average price is $33.88 and its 200 day moving average price is $31.56.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sigma Planning Corp purchased a new position in shares of Rio Tinto PLC during the second quarter worth $239,000. Checchi Capital Advisers LLC increased its position in Rio Tinto PLC by 3.3% in the second quarter. Checchi Capital Advisers LLC now owns 8,333 shares of the mining company’s stock valued at $261,000 after buying an additional 268 shares during the period. Bollard Group LLC increased its position in Rio Tinto PLC by 4.0% in the second quarter. Bollard Group LLC now owns 6,889 shares of the mining company’s stock valued at $216,000 after buying an additional 264 shares during the period. Nikko Asset Management Americas Inc. increased its position in Rio Tinto PLC by 16.4% in the second quarter. Nikko Asset Management Americas Inc. now owns 940,764 shares of the mining company’s stock valued at $28,176,000 after buying an additional 132,300 shares during the period. Finally, Carroll Financial Associates Inc. increased its position in Rio Tinto PLC by 2.3% in the second quarter. Carroll Financial Associates Inc. now owns 4,442 shares of the mining company’s stock valued at $139,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 6.87% of the company’s stock.

About Rio Tinto PLC

Rio Tinto plc is a mining company. The Company focuses on finding, mining, processing and marketing the Earth’s mineral resources. The Company’s segments include aluminum, copper and coal, diamonds and minerals, and iron ore. The Company’s aluminum business includes bauxite mines, alumina refineries and aluminum smelters.

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