Rio Tinto (NYSE:RIO) Cut to “Equal Weight” at Barclays

Rio Tinto (NYSE:RIO) was downgraded by equities researchers at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday.

Several other equities research analysts have also recently weighed in on the company. Citigroup upgraded Rio Tinto to a “hold” rating in a report on Tuesday, February 10th. Erste Group Bank raised shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. HSBC lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Monday, January 26th. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto currently has an average rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Stock Performance

Shares of RIO opened at $97.67 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. Rio Tinto has a 1-year low of $51.67 and a 1-year high of $100.33. The company has a 50-day moving average of $88.08 and a 200 day moving average of $74.61.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. PFS Partners LLC purchased a new position in shares of Rio Tinto during the 4th quarter valued at about $28,000. Nvest Wealth Strategies Inc. acquired a new position in Rio Tinto in the fourth quarter valued at approximately $28,000. Evelyn Partners Investment Management LLP acquired a new stake in shares of Rio Tinto during the 4th quarter worth approximately $34,000. Trust Co. of Toledo NA OH acquired a new position in shares of Rio Tinto in the 4th quarter valued at $34,000. Finally, Glen Eagle Advisors LLC boosted its holdings in Rio Tinto by 32.2% during the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after buying an additional 110 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

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.