Rio Tinto (NYSE:RIO) Downgraded to “Hold” Rating by Erste Group Bank

Rio Tinto (NYSE:RIO) was downgraded by analysts at Erste Group Bank from a “buy” rating to a “hold” rating in a report released on Thursday, MarketBeat Ratings reports.

Several other equities research analysts have also issued reports on the stock. Bank of America lowered shares of Rio Tinto from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a report on Friday, May 15th. Berenberg Bank set a $113.00 target price on shares of Rio Tinto in a research note on Thursday, July 30th. Morgan Stanley assumed coverage on Rio Tinto in a report on Monday. They set an “underweight” rating and a $90.00 price target for the company. Finally, The Goldman Sachs Group raised Rio Tinto from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.62.

Rio Tinto Stock Performance

NYSE RIO traded down $0.03 on Thursday, hitting $104.67. 996,106 shares of the company were exchanged, compared to its average volume of 3,112,127. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. The company’s 50 day moving average price is $96.01 and its 200-day moving average price is $97.61. Rio Tinto has a twelve month low of $61.40 and a twelve month high of $112.58.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RIO. Jennison Associates LLC increased its holdings in shares of Rio Tinto by 56.6% during the fourth quarter. Jennison Associates LLC now owns 187,269 shares of the mining company’s stock valued at $14,987,000 after acquiring an additional 67,683 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake 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 purchasing an additional 14,079 shares in the last quarter. QRG Capital Management Inc. increased its stake 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 purchasing an additional 22,893 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Rio Tinto by 45.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 164,527 shares of the mining company’s stock worth $13,167,000 after buying an additional 51,327 shares during the last quarter. Finally, Cullen Capital Management LLC lifted its stake in shares of Rio Tinto by 72.2% in the fourth quarter. Cullen Capital Management LLC now owns 498,868 shares of the mining company’s stock valued at $39,924,000 after buying an additional 209,107 shares in the last quarter. Institutional investors and hedge funds 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.