Erste Group Bank Upgrades Rio Tinto (NYSE:RIO) to Buy

Rio Tinto (NYSE:RIO) was upgraded by Erste Group Bank from a “hold” rating to a “buy” rating in a research note issued on Friday, MarketBeat Ratings reports.

A number of other analysts also recently issued reports on the stock. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a report on Thursday. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 29th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, January 14th. Argus lifted their price target on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Rio Tinto has an average rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Stock Up 2.8%

Shares of RIO stock traded up $2.41 during trading hours on Friday, hitting $89.71. 1,437,733 shares of the company were exchanged, compared to its average volume of 4,512,695. Rio Tinto has a 52 week low of $51.67 and a 52 week high of $89.78. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average of $78.01 and a two-hundred day moving average of $69.12.

Institutional Investors Weigh In On Rio Tinto

Hedge funds have recently bought and sold shares of the business. Wealth Quarterback LLC increased its stake in shares of Rio Tinto by 1.8% during the fourth quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock valued at $523,000 after purchasing an additional 118 shares in the last quarter. IVC Wealth Advisors LLC boosted its position in shares of Rio Tinto by 1.2% in the 4th quarter. IVC Wealth Advisors LLC now owns 10,963 shares of the mining company’s stock worth $877,000 after purchasing an additional 129 shares in the last quarter. Mather Group LLC. grew its stake in shares of Rio Tinto by 4.5% in the 4th quarter. Mather Group LLC. now owns 3,060 shares of the mining company’s stock worth $245,000 after buying an additional 132 shares during the last quarter. Jaffetilchin Investment Partners LLC increased its position in Rio Tinto by 2.4% during the 4th quarter. Jaffetilchin Investment Partners LLC now owns 5,736 shares of the mining company’s stock valued at $459,000 after buying an additional 137 shares in the last quarter. Finally, Wedmont Private Capital increased its position in Rio Tinto by 4.0% during the 4th quarter. Wedmont Private Capital now owns 3,780 shares of the mining company’s stock valued at $321,000 after buying an additional 147 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.