Rio Tinto (NYSE:RIO) Upgraded to Strong-Buy at Zacks Research

Rio Tinto (NYSE:RIO) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on RIO. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a research note on Monday, December 1st. Argus raised their price target on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday. Finally, Citigroup reissued a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Three analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Rio Tinto Trading Up 0.2%

Shares of Rio Tinto stock opened at $80.55 on Monday. Rio Tinto has a 12 month low of $51.67 and a 12 month high of $82.36. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $73.38 and a 200-day simple moving average of $66.14.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Live Oak Investment Partners lifted its stake in shares of Rio Tinto by 0.8% in the 2nd quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company’s stock valued at $1,156,000 after purchasing an additional 162 shares during the last quarter. Spire Wealth Management increased its position in Rio Tinto by 4.2% during the third quarter. Spire Wealth Management now owns 4,258 shares of the mining company’s stock worth $281,000 after buying an additional 173 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in Rio Tinto by 2.7% during the third quarter. Cornerstone Wealth Management LLC now owns 6,620 shares of the mining company’s stock valued at $437,000 after buying an additional 174 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Rio Tinto by 62.2% in the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after buying an additional 181 shares during the last quarter. Finally, Hamilton Point Investment Advisors LLC lifted its position in shares of Rio Tinto by 0.4% in the third quarter. Hamilton Point Investment Advisors LLC now owns 42,206 shares of the mining company’s stock worth $2,786,000 after buying an additional 182 shares during 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.