Rio Tinto PLC (RIO) Rating Lowered to Outperform at Royal Bank Of Canada
Rio Tinto PLC (NYSE:RIO) was downgraded by equities researchers at Royal Bank Of Canada from a “top pick” rating to an “outperform” rating in a report released on Tuesday.
RIO has been the topic of a number of other research reports. Zacks Investment Research lowered Rio Tinto PLC from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 21st. Bank of America Corporation raised Rio Tinto PLC from an “underperform” rating to a “buy” rating in a research note on Friday, June 30th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating on shares of Rio Tinto PLC in a research note on Monday. ValuEngine raised Rio Tinto PLC from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 11th. Finally, Cowen and Company reissued a “market perform” rating and set a $45.00 price objective (down previously from $47.00) on shares of Rio Tinto PLC in a research note on Tuesday, July 25th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $41.80.
Shares of Rio Tinto PLC (RIO) opened at 45.24 on Tuesday. The company has a 50-day moving average price of $44.99 and a 200-day moving average price of $42.09. The company has a market capitalization of $81.11 billion, a P/E ratio of 13.19 and a beta of 0.98. Rio Tinto PLC has a 12 month low of $29.62 and a 12 month high of $48.03.
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A number of institutional investors have recently bought and sold shares of RIO. UBS Asset Management Americas Inc. purchased a new position in Rio Tinto PLC during the fourth quarter valued at about $119,000. Capstone Asset Management Co. increased its stake in shares of Rio Tinto PLC by 2.3% in the first quarter. Capstone Asset Management Co. now owns 69,021 shares of the mining company’s stock valued at $2,808,000 after buying an additional 1,570 shares during the period. Courier Capital LLC increased its stake in shares of Rio Tinto PLC by 2.1% in the first quarter. Courier Capital LLC now owns 9,524 shares of the mining company’s stock valued at $387,000 after buying an additional 200 shares during the period. Anderson Hoagland & Co. bought a new stake in shares of Rio Tinto PLC during the first quarter valued at $742,000. Finally, Huntington National Bank increased its stake in shares of Rio Tinto PLC by 167.1% in the first quarter. Huntington National Bank now owns 3,707 shares of the mining company’s stock valued at $151,000 after buying an additional 2,319 shares during the period. 7.22% of the stock is currently owned by hedge funds and other institutional investors.
About Rio Tinto PLC
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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