Bank of America Reaffirms Buy Rating for Rio Tinto Group (LON:RIO)

Rio Tinto Group (LON:RIO)‘s stock had its “buy” rating reissued by equities researchers at Bank of America in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They presently have a GBX 7,700 ($95.85) price objective on the stock. Bank of America‘s price objective points to a potential upside of 43.36% from the company’s previous close.

Several other equities analysts have also recently weighed in on RIO. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Rio Tinto Group in a research report on Tuesday, April 9th. Royal Bank of Canada lowered their price objective on shares of Rio Tinto Group from GBX 6,100 ($75.94) to GBX 5,900 ($73.45) and set a “sector perform” rating on the stock in a research report on Thursday, February 22nd. Finally, Berenberg Bank reiterated a “buy” rating and set a GBX 6,200 ($77.18) price objective on shares of Rio Tinto Group in a research report on Monday, February 19th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of GBX 6,351.25 ($79.06).

Rio Tinto Group Trading Down 0.3 %

LON RIO opened at GBX 5,371 ($66.86) on Wednesday. Rio Tinto Group has a twelve month low of GBX 4,509.50 ($56.14) and a twelve month high of GBX 5,910 ($73.57). The company has a debt-to-equity ratio of 25.47, a quick ratio of 1.34 and a current ratio of 1.69. The stock has a market cap of £67.14 billion, a price-to-earnings ratio of 1,093.89, a PEG ratio of -0.64 and a beta of 0.65. The firm’s 50 day moving average price is GBX 5,114.89 and its two-hundred day moving average price is GBX 5,312.17.

Insiders Place Their Bets

In related news, insider Peter Cunningham sold 3,939 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of GBX 5,216 ($64.93), for a total transaction of £205,458.24 ($255,767.76). Insiders own 14.71% of the company’s stock.

About Rio Tinto Group

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.