Analysts Set Rio Tinto Group (NYSE:RIO) PT at $73.00

Shares of Rio Tinto Group (NYSE:RIO) have been given an average recommendation of “Moderate Buy” by the eight research firms that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $73.00.

Several brokerages recently commented on RIO. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group lowered their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday.

Rio Tinto Group Trading Up 2.0 %

Shares of NYSE RIO opened at $61.00 on Monday. The business has a 50-day simple moving average of $60.98 and a two-hundred day simple moving average of $63.56. Rio Tinto Group has a 52 week low of $57.85 and a 52 week high of $74.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RIO. Fisher Asset Management LLC lifted its stake in Rio Tinto Group by 2.9% during the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock worth $1,247,475,000 after purchasing an additional 485,731 shares during the last quarter. Bank of Montreal Can lifted its position in Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after buying an additional 1,738,752 shares during the last quarter. FMR LLC boosted its stake in Rio Tinto Group by 35.1% in the third quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after buying an additional 358,630 shares in the last quarter. Palliser Capital UK Ltd grew its position in Rio Tinto Group by 213.8% during the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after acquiring an additional 674,117 shares during the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in shares of Rio Tinto Group by 9.8% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock worth $66,341,000 after acquiring an additional 83,569 shares in the last quarter. Institutional investors 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.