Rio Tinto PLC (NYSE:RIO) had its price objective hoisted by analysts at Argus from $36.00 to $44.00 in a research note issued on Thursday. The brokerage currently has a “buy” rating on the mining company’s stock. Argus’ price objective suggests a potential upside of 16.06% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Deutsche Bank AG restated a “buy” rating on shares of Rio Tinto PLC in a research report on Wednesday, September 7th. Investec restated a “buy” rating on shares of Rio Tinto PLC in a research report on Wednesday, August 3rd. Vetr upgraded shares of Rio Tinto PLC from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, August 8th. Jefferies Group set a $41.00 price objective on shares of Rio Tinto PLC and gave the company a “buy” rating in a research report on Sunday, October 16th. Finally, HSBC initiated coverage on shares of Rio Tinto PLC in a research report on Thursday, November 10th. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $36.44.

Analyst Recommendations for Rio Tinto PLC (NYSE:RIO)

Rio Tinto PLC (NYSE:RIO) opened at 37.91 on Thursday. The firm has a market cap of $68.19 billion, a price-to-earnings ratio of 1723.18 and a beta of 1.27. Rio Tinto PLC has a one year low of $21.89 and a one year high of $40.19. The stock’s 50 day moving average is $35.41 and its 200 day moving average is $32.09.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of Rio Tinto PLC by 2.8% in the second quarter. Franklin Resources Inc. now owns 25,471,792 shares of the mining company’s stock valued at $797,267,000 after buying an additional 692,799 shares during the period. BlackRock Advisors LLC raised its stake in shares of Rio Tinto PLC by 20.4% in the third quarter. BlackRock Advisors LLC now owns 2,376,803 shares of the mining company’s stock worth $79,385,000 after buying an additional 403,306 shares in the last quarter. Credit Suisse AG raised its stake in shares of Rio Tinto PLC by 2,738.9% in the third quarter. Credit Suisse AG now owns 1,756,844 shares of the mining company’s stock worth $58,678,000 after buying an additional 1,694,960 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Rio Tinto PLC by 2.0% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,431,101 shares of the mining company’s stock worth $44,793,000 after buying an additional 27,700 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Rio Tinto PLC by 14.6% in the third quarter. Jennison Associates LLC now owns 1,153,368 shares of the mining company’s stock worth $38,522,000 after buying an additional 146,573 shares in the last quarter. 6.62% of the stock is owned by institutional investors and hedge funds.

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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