Rio Tinto (NYSE:RIO) Downgraded to “Hold” Rating by Hsbc Global Res

Hsbc Global Res cut shares of Rio Tinto (NYSE:RIO) from a strong-buy rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a report on Thursday. Erste Group Bank upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research note on Friday. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, January 14th. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Finally, Argus upped their price target on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Rio Tinto Stock Performance

Shares of RIO stock opened at $90.51 on Monday. The business has a fifty day moving average of $78.80 and a 200 day moving average of $69.72. Rio Tinto has a 1 year low of $51.67 and a 1 year high of $92.42. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

Institutional Investors Weigh In On Rio Tinto

Hedge funds have recently modified their holdings of the company. Moran Wealth Management LLC increased its stake in shares of Rio Tinto by 6.8% in the 4th quarter. Moran Wealth Management LLC now owns 108,891 shares of the mining company’s stock valued at $8,715,000 after purchasing an additional 6,961 shares in the last quarter. Merit Financial Group LLC boosted its position in Rio Tinto by 14.0% during the fourth quarter. Merit Financial Group LLC now owns 7,754 shares of the mining company’s stock worth $621,000 after purchasing an additional 951 shares in the last quarter. Private Trust Co. NA grew its holdings in Rio Tinto by 26.1% in the fourth quarter. Private Trust Co. NA now owns 1,913 shares of the mining company’s stock valued at $153,000 after purchasing an additional 396 shares during the period. PDS Planning Inc purchased a new stake in shares of Rio Tinto in the fourth quarter valued at approximately $232,000. Finally, CWM LLC raised its stake in shares of Rio Tinto by 242.5% during the 4th quarter. CWM LLC now owns 88,413 shares of the mining company’s stock worth $7,076,000 after buying an additional 62,599 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

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.