Rio Tinto Group (NYSE:RIO) Price Target Cut to $73.00 by Analysts at Jefferies Financial Group

Rio Tinto Group (NYSE:RIO) had its price target lowered by investment analysts at Jefferies Financial Group from $83.00 to $73.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. Jefferies Financial Group’s target price would indicate a potential upside of 25.49% from the stock’s current price.

RIO has been the subject of a number of other research reports. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Rio Tinto Group has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Price Performance

Shares of NYSE RIO opened at $58.17 on Monday. The business’s 50 day moving average is $61.91 and its 200-day moving average is $63.91. The firm has a market cap of $72.88 billion, a P/E ratio of 8.44, a price-to-earnings-growth ratio of 0.38 and a beta of 0.66. Rio Tinto Group has a 1-year low of $58.03 and a 1-year high of $74.24. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Hedge Funds Weigh In On Rio Tinto Group

Several hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of Rio Tinto Group by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 77,694 shares of the mining company’s stock worth $5,122,000 after acquiring an additional 2,908 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Rio Tinto Group by 588.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 860 shares of the mining company’s stock worth $57,000 after purchasing an additional 735 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Rio Tinto Group by 4.2% in the 2nd quarter. Rhumbline Advisers now owns 23,872 shares of the mining company’s stock valued at $1,574,000 after purchasing an additional 962 shares in the last quarter. Foundations Investment Advisors LLC bought a new position in shares of Rio Tinto Group in the 2nd quarter valued at $229,000. Finally, Private Advisor Group LLC raised its holdings in shares of Rio Tinto Group by 3.1% during the 2nd quarter. Private Advisor Group LLC now owns 32,903 shares of the mining company’s stock worth $2,169,000 after buying an additional 989 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

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.