Rio Tinto plc (RIO) Rating Reiterated by Macquarie
Rio Tinto plc (LON:RIO)‘s stock had its “outperform” rating reissued by Macquarie in a research note issued on Tuesday. They currently have a GBX 4,300 ($56.53) price objective on the stock. Macquarie’s target price indicates a potential upside of 18.56% from the company’s previous close.
A number of other research firms have also commented on RIO. Deutsche Bank AG reaffirmed a “buy” rating and set a GBX 4,200 ($55.22) price objective on shares of Rio Tinto plc in a research note on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) set a GBX 2,900 ($38.13) price objective on shares of Rio Tinto plc and gave the company a “neutral” rating in a research note on Thursday, August 3rd. UBS AG set a GBX 3,750 ($49.30) price objective on shares of Rio Tinto plc and gave the company a “buy” rating in a research note on Wednesday, August 30th. HSBC Holdings plc reaffirmed a “buy” rating and set a GBX 3,800 ($49.96) price objective on shares of Rio Tinto plc in a research note on Wednesday, August 30th. Finally, Morgan Stanley upped their price objective on shares of Rio Tinto plc from GBX 3,260 ($42.86) to GBX 3,430 ($45.10) and gave the company an “equal weight” rating in a research note on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Rio Tinto plc presently has a consensus rating of “Buy” and an average price target of GBX 3,808.75 ($50.08).
Shares of Rio Tinto plc (RIO) opened at 3627.00 on Tuesday. The stock’s 50 day moving average is GBX 3,590.07 and its 200-day moving average is GBX 3,324.20. Rio Tinto plc has a one year low of GBX 2,550.05 and a one year high of GBX 4,110.29. The stock’s market capitalization is GBX 65.03 billion.
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In related news, insider Jean-Sébastien Jacques purchased 11 shares of the stock in a transaction on Monday, July 17th. The shares were bought at an average price of GBX 3,501 ($46.03) per share, for a total transaction of £385.11 ($506.32). Also, insider W Sam H. Laidlaw purchased 7,500 shares of the stock in a transaction on Monday, August 14th. The shares were bought at an average price of GBX 3,420 ($44.96) per share, for a total transaction of £256,500 ($337,233.76).
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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