Rio Tinto PLC (NYSE:RIO) Given Consensus Recommendation of “Hold” by Analysts

Rio Tinto PLC (NYSE:RIO) has earned an average recommendation of “Hold” from the fourteen research firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $101.75.

Several research firms have weighed in on RIO. Argus set a $120.00 price target on Rio Tinto in a report on Monday, April 27th. Bank of America cut Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Zacks Research downgraded Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Royal Bank Of Canada lowered shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a report on Wednesday, June 3rd. Finally, Morgan Stanley cut shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, July 8th.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $90.54 on Friday. The business has a 50-day moving average price of $99.44 and a 200-day moving average price of $95.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. Rio Tinto has a twelve month low of $58.40 and a twelve month high of $112.58.

Hedge Funds Weigh In On Rio Tinto

A number of institutional investors and hedge funds have recently made changes to their positions in RIO. AdvisorNet Financial Inc lifted its holdings in shares of Rio Tinto by 160.2% in 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 last quarter. PFS Partners LLC bought a new stake in Rio Tinto during the fourth quarter worth approximately $28,000. Nvest Wealth Strategies Inc. purchased a new stake in Rio Tinto during the fourth quarter valued at approximately $28,000. Trust Co. of Toledo NA OH purchased a new stake in Rio Tinto during the fourth quarter valued at approximately $34,000. Finally, Evelyn Partners Investment Management LLP bought a new stake in shares of Rio Tinto in the 4th quarter valued at approximately $34,000. 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.