Rio Tinto PLC (NYSE:RIO) Receives $85.00 Average Price Target from Analysts

Shares of Rio Tinto PLC (NYSE:RIO) have been assigned an average rating of “Moderate Buy” from the fourteen analysts that are covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $85.00.

RIO has been the subject of a number of analyst reports. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, January 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday, December 29th. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Thursday. Argus increased their price target on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th.

Hedge Funds Weigh In On Rio Tinto

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cubist Systematic Strategies LLC acquired a new stake in shares of Rio Tinto in the first quarter valued at approximately $84,000. AQR Capital Management LLC increased its holdings in shares of Rio Tinto by 78.4% during the 1st quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock worth $726,000 after acquiring an additional 5,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Rio Tinto by 20.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock valued at $690,000 after acquiring an additional 1,968 shares during the period. Empowered Funds LLC raised its stake in Rio Tinto by 5.8% in the 1st quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock valued at $317,000 after acquiring an additional 288 shares during the period. Finally, Focus Partners Wealth lifted its holdings in Rio Tinto by 16.7% during the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock valued at $962,000 after purchasing an additional 2,285 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Price Performance

Shares of RIO stock opened at $90.37 on Friday. The firm’s fifty day moving average price is $78.40 and its two-hundred day moving average price is $69.50. The company has a current ratio of 1.53, a quick ratio of 1.03 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 $90.44.

Rio Tinto Company Profile

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.