Rio Tinto (NYSE:RIO) Raised to Hold at Zacks Research

Rio Tinto (NYSE:RIO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday, Zacks reports.

Other equities analysts have also issued reports about the company. Argus raised Rio Tinto to a “strong-buy” rating in a research note on Thursday, August 20th. Bank of America lowered shares of Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Erste Group Bank downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Thursday, August 27th. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Finally, Berenberg Bank set a $113.00 target price on shares of Rio Tinto in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.62.

Rio Tinto Stock Up 0.1%

NYSE:RIO opened at $102.87 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. The business’s 50-day simple moving average is $96.69 and its two-hundred day simple moving average is $97.86. Rio Tinto has a 52 week low of $61.72 and a 52 week high of $112.58.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. AdvisorNet Financial Inc boosted its holdings in Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after acquiring an additional 181 shares during the period. Timbuktu Capital Management LLC bought a new position in shares of Rio Tinto during the second quarter valued at approximately $28,000. Evelyn Partners Investment Management LLP purchased a new position in Rio Tinto during the fourth quarter valued at approximately $34,000. V Square Quantitative Management LLC bought a new position in Rio Tinto in the first quarter worth approximately $35,000. Finally, Glen Eagle Advisors LLC raised its stake in Rio Tinto by 32.2% in 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 owned by hedge funds and other institutional investors.

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.