Rio Tinto (NYSE:RIO) Stock Rating Upgraded by Argus

Rio Tinto (NYSE:RIO) was upgraded by stock analysts at Argus to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

RIO has been the subject of a number of other reports. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Berenberg Bank set a $113.00 price target on Rio Tinto in a research report on Thursday, July 30th. Royal Bank Of Canada downgraded Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 3rd. Bank of America lowered Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Finally, Zacks Research cut Rio Tinto from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $105.50.

Rio Tinto Trading Up 3.1%

Rio Tinto stock opened at $105.33 on Thursday. Rio Tinto has a 12 month low of $61.13 and a 12 month high of $112.58. The company has a current ratio of 1.42, a quick ratio of 0.93 and a debt-to-equity ratio of 0.29. The business’s 50 day simple moving average is $95.97 and its 200 day simple moving average is $97.35.

Institutional Investors Weigh In On Rio Tinto

A number of hedge funds and other institutional investors have recently bought and sold shares of RIO. D.A. Davidson & CO. lifted its holdings in Rio Tinto by 16.7% during the 4th quarter. D.A. Davidson & CO. now owns 124,182 shares of the mining company’s stock worth $9,938,000 after purchasing an additional 17,786 shares in the last quarter. Jennison Associates LLC boosted its stake in Rio Tinto by 56.6% in the 4th quarter. Jennison Associates LLC now owns 187,269 shares of the mining company’s stock worth $14,987,000 after purchasing an additional 67,683 shares during the period. Concurrent Investment Advisors LLC grew its holdings in Rio Tinto by 295.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 18,849 shares of the mining company’s stock valued at $1,509,000 after buying an additional 14,079 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Rio Tinto by 39.4% during the 4th quarter. QRG Capital Management Inc. now owns 80,940 shares of the mining company’s stock valued at $6,478,000 after buying an additional 22,893 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its holdings in Rio Tinto by 45.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 164,527 shares of the mining company’s stock valued at $13,167,000 after buying an additional 51,327 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.