Rio Tinto PLC (NYSE:RIO) Receives Consensus Recommendation of “Hold” from Brokerages

Rio Tinto PLC (NYSE:RIO) has received a consensus recommendation of “Hold” from the fifteen research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $101.75.

A number of equities research analysts have weighed in on the stock. Bank of America downgraded shares of Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Argus set a $120.00 price target on shares of Rio Tinto in a report on Monday, April 27th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Rio Tinto in a report on Wednesday, May 20th. Finally, Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th.

Rio Tinto Price Performance

Shares of NYSE RIO opened at $93.87 on Monday. Rio Tinto has a twelve month low of $57.65 and a twelve month high of $112.58. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. The firm has a 50-day moving average of $102.66 and a two-hundred day moving average of $93.89.

Institutional Trading of Rio Tinto

A number of hedge funds have recently bought and sold shares of RIO. Cubist Systematic Strategies LLC purchased a new stake in Rio Tinto during the first quarter valued at about $84,000. AQR Capital Management LLC lifted its stake in Rio Tinto by 78.4% during the first quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock valued at $726,000 after buying an additional 5,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Rio Tinto by 20.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock valued at $690,000 after buying an additional 1,968 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Rio Tinto by 5.8% in the 1st quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock valued at $317,000 after purchasing an additional 288 shares during the period. Finally, Focus Partners Wealth increased its holdings in shares of Rio Tinto by 16.7% in the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock valued at $962,000 after purchasing an additional 2,285 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

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.