Rio Tinto PLC (RIO) Upgraded to Buy by Societe Generale
Rio Tinto PLC (NYSE:RIO) was upgraded by investment analysts at Societe Generale from a “hold” rating to a “buy” rating in a report issued on Wednesday.
Other research analysts have also issued research reports about the company. BidaskClub lowered Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Clarkson Capital reaffirmed a “buy” rating on shares of Rio Tinto PLC in a report on Wednesday, August 2nd. ValuEngine downgraded Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Jefferies Group LLC set a $52.00 target price on Rio Tinto PLC and gave the stock a “buy” rating in a research report on Friday, August 18th. Finally, Citigroup Inc. restated a “buy” rating on shares of Rio Tinto PLC in a research report on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $50.07.
Rio Tinto PLC (RIO) traded up $0.56 on Wednesday, reaching $50.45. The company’s stock had a trading volume of 1,360,549 shares, compared to its average volume of 2,200,000. Rio Tinto PLC has a 52 week low of $35.08 and a 52 week high of $50.77. The company has a current ratio of 1.71, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31.
A number of institutional investors have recently added to or reduced their stakes in RIO. Geode Capital Management LLC raised its holdings in Rio Tinto PLC by 13.8% in the 1st quarter. Geode Capital Management LLC now owns 25,180 shares of the mining company’s stock valued at $1,024,000 after acquiring an additional 3,061 shares during the period. Barings LLC bought a new position in shares of Rio Tinto PLC during the first quarter worth approximately $419,000. Credit Suisse AG boosted its position in shares of Rio Tinto PLC by 56.8% during the 1st quarter. Credit Suisse AG now owns 174,593 shares of the mining company’s stock worth $7,102,000 after acquiring an additional 63,272 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Rio Tinto PLC during the 2nd quarter worth approximately $21,563,000. Finally, Kempner Capital Management Inc. boosted its position in shares of Rio Tinto PLC by 1.2% during the 2nd quarter. Kempner Capital Management Inc. now owns 49,008 shares of the mining company’s stock worth $2,074,000 after acquiring an additional 560 shares in the last quarter. 6.97% of the stock is currently owned by hedge funds and other institutional investors.
Rio Tinto PLC Company Profile
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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