Rio Tinto (NYSE:RIO) Rating Lowered to Hold at Zacks Research

Rio Tinto (NYSE:RIO) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other equities research analysts have also commented on the company. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Citigroup reaffirmed a “hold” rating on shares of Rio Tinto in a report on Monday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Stock Performance

NYSE RIO opened at $68.80 on Wednesday. The company has a 50 day moving average of $67.80 and a 200-day moving average of $63.06. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. Rio Tinto has a 1-year low of $51.67 and a 1-year high of $73.76.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Kingstone Capital Partners Texas LLC bought a new stake in shares of Rio Tinto during the second quarter worth approximately $292,770,000. Arrowstreet Capital Limited Partnership acquired a new stake in Rio Tinto during the 3rd quarter worth $94,737,000. Marshall Wace LLP bought a new stake in shares of Rio Tinto during the 2nd quarter valued at $49,089,000. Bank of Montreal Can raised its position in shares of Rio Tinto by 71.7% during the 2nd quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock valued at $108,238,000 after acquiring an additional 774,851 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Rio Tinto by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock valued at $208,430,000 after purchasing an additional 763,786 shares during the period. Institutional investors own 19.33% of the company’s stock.

About Rio Tinto

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.