Rio Tinto (NYSE:RIO) Shares Gap Down – Time to Sell?

Rio Tinto PLC (NYSE:RIO)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $84.19, but opened at $81.24. Rio Tinto shares last traded at $81.5230, with a volume of 2,091,268 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RIO shares. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a research note on Monday, December 1st. Citigroup restated a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Finally, Argus increased their target price on Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Stock Down 3.6%

The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The firm’s 50-day moving average price is $74.99 and its 200 day moving average price is $67.26.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RIO. Cubist Systematic Strategies LLC acquired a new position in shares of Rio Tinto in the 1st quarter valued at $84,000. AQR Capital Management LLC increased its holdings in shares of Rio Tinto by 78.4% in the first quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock worth $726,000 after acquiring an additional 5,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Rio Tinto by 20.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock worth $690,000 after buying an additional 1,968 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Rio Tinto in the first quarter valued at approximately $357,000. Finally, Ashton Thomas Private Wealth LLC boosted its holdings in shares of Rio Tinto by 25.4% in the first quarter. Ashton Thomas Private Wealth LLC now owns 11,805 shares of the mining company’s stock valued at $730,000 after buying an additional 2,392 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Company Profile

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.