Rio Tinto Group (NYSE:RIO) Cut to Buy at StockNews.com

StockNews.com cut shares of Rio Tinto Group (NYSE:RIO) from a strong-buy rating to a buy rating in a report released on Saturday morning.

Separately, Jefferies Financial Group decreased their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Stock Performance

Shares of RIO opened at $63.43 on Friday. The firm has a 50-day moving average of $60.61 and a 200-day moving average of $62.94. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24. The company has a market cap of $79.47 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 0.42 and a beta of 0.65. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16.

Institutional Trading of Rio Tinto Group

A number of hedge funds have recently modified their holdings of RIO. Allspring Global Investments Holdings LLC lifted its stake in shares of Rio Tinto Group by 258.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 45,723 shares of the mining company’s stock worth $3,254,000 after buying an additional 32,965 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rio Tinto Group during the 3rd quarter worth about $9,577,000. BayBridge Capital Group LLC lifted its stake in shares of Rio Tinto Group by 5.4% during the 3rd quarter. BayBridge Capital Group LLC now owns 7,201 shares of the mining company’s stock worth $512,000 after buying an additional 372 shares during the last quarter. Burford Brothers Inc. acquired a new stake in shares of Rio Tinto Group during the 3rd quarter worth about $1,101,000. Finally, NorthCrest Asset Manangement LLC acquired a new stake in shares of Rio Tinto Group during the 3rd quarter worth about $413,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.