Rio Tinto Group (NYSE:RIO – Get Rating) shares reached a new 52-week low during mid-day trading on Friday . The company traded as low as $51.88 and last traded at $51.94, with a volume of 130390 shares. The stock had previously closed at $55.35.
Wall Street Analyst Weigh In
RIO has been the subject of a number of research reports. Berenberg Bank increased their price objective on Rio Tinto Group from GBX 4,100 ($49.54) to GBX 4,300 ($51.96) in a report on Friday, July 29th. JPMorgan Chase & Co. raised their price target on Rio Tinto Group from GBX 5,300 ($64.04) to GBX 5,350 ($64.64) in a report on Thursday, July 28th. Deutsche Bank Aktiengesellschaft reduced their price target on Rio Tinto Group from GBX 6,000 ($72.50) to GBX 5,800 ($70.08) in a report on Wednesday, June 29th. Macquarie downgraded Rio Tinto Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, August 23rd. Finally, Credit Suisse Group restated an “outperform” rating on shares of Rio Tinto Group in a report on Wednesday, July 6th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4,345.71.
Rio Tinto Group Price Performance
The company has a fifty day simple moving average of $58.03 and a two-hundred day simple moving average of $66.62. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.79 and a quick ratio of 1.34.
Rio Tinto Group Cuts Dividend
Institutional Investors Weigh In On Rio Tinto Group
A number of hedge funds have recently made changes to their positions in RIO. Professional Financial Advisors LLC purchased a new stake in shares of Rio Tinto Group during the 1st quarter worth $26,000. Castle Wealth Management LLC purchased a new stake in shares of Rio Tinto Group during the 2nd quarter worth $26,000. Cowa LLC purchased a new stake in shares of Rio Tinto Group during the 1st quarter worth $26,000. Tortoise Investment Management LLC purchased a new stake in shares of Rio Tinto Group during the 2nd quarter worth $27,000. Finally, AdvisorNet Financial Inc lifted its stake in shares of Rio Tinto Group by 171.3% during the 1st quarter. AdvisorNet Financial Inc now owns 369 shares of the mining company’s stock worth $30,000 after purchasing an additional 233 shares during the last quarter. 10.05% of the stock is currently owned by hedge funds and other institutional investors.
Rio Tinto Group Company Profile
Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.
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