Sanford C. Bernstein Cuts Rio Tinto (NYSE:RIO) Price Target to $77.00

Rio Tinto (NYSE:RIO) had its price objective decreased by Sanford C. Bernstein from $83.00 to $77.00 in a research report sent to investors on Monday morning,Benzinga reports. Sanford C. Bernstein currently has an outperform rating on the mining company’s stock.

Several other research analysts also recently weighed in on RIO. Argus upped their target price 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. JPMorgan Chase & Co. downgraded shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Monday. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research report on Thursday, January 22nd. Finally, HSBC lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Rio Tinto currently has an average rating of “Hold” and an average price target of $81.00.

Rio Tinto Stock Performance

NYSE RIO opened at $92.16 on Monday. Rio Tinto has a fifty-two week low of $51.67 and a fifty-two week high of $101.53. The business has a 50 day moving average price of $91.88 and a two-hundred day moving average price of $77.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.

Rio Tinto Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Thursday, April 16th. Investors of record on Friday, March 6th will be paid a dividend of $2.54 per share. The ex-dividend date is Friday, March 6th. This represents a yield of 564.0%.

Hedge Funds Weigh In On Rio Tinto

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Auto Owners Insurance Co lifted its holdings in shares of Rio Tinto by 7,903.0% in the 4th quarter. Auto Owners Insurance Co now owns 768,288 shares of the mining company’s stock worth $61,486,000 after purchasing an additional 758,688 shares during the last quarter. Hsbc Holdings PLC increased its position in Rio Tinto by 160.5% in the fourth quarter. Hsbc Holdings PLC now owns 25,929 shares of the mining company’s stock worth $2,075,000 after buying an additional 68,755 shares during the period. Pure Financial Advisors LLC lifted its stake in Rio Tinto by 24.6% in the fourth quarter. Pure Financial Advisors LLC now owns 5,344 shares of the mining company’s stock valued at $428,000 after buying an additional 1,056 shares during the last quarter. Rehmann Capital Advisory Group bought a new stake in Rio Tinto in the fourth quarter valued at $368,000. Finally, S Harris Financial Group LLC acquired a new position in shares of Rio Tinto during the fourth quarter valued at $336,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto News Roundup

Here are the key news stories impacting Rio Tinto this week:

• Positive Sentiment: Rio secured a roughly $1.175bn financing package for its Rincon lithium project in Argentina, supporting development of the ~$2.5bn project targeting ~60,000 tpa battery?grade lithium carbonate — a clear funding and execution milestone that de?risks Rio’s lithium growth profile. Rio Tinto secures $1.175 billion financing package for Rincon lithium project in Argentina
• Positive Sentiment: Rio said it raised its Q2 Japan aluminum offer to the highest premium since 2015 — signaling tighter aluminum markets/pricing that could boost revenue and margins for Rio’s aluminum segment. Rio Tinto raises Q2 Japan aluminum offer to highest premium since 2015
• Positive Sentiment: Analyst commentary and coverage highlight that RIO has surged ~65% over six months on rising copper output, first production at Johnson Camp and major lithium & iron?ore projects — reinforcing momentum expectations for growth. Should You Buy Rio Tinto Stock After a 64.9% Rally in 6 Months?
• Neutral Sentiment: Partner Domestic Metals reports advancement of a Rio Tinto JV Smart Creek exploration project and is “eyeing a major discovery” — an early?stage upside catalyst but speculative until drill results confirm commercial resources. Domestic Metals Advances Rio Tinto JV Smart Creek Project, Eyes Major Discovery
• Negative Sentiment: Mongolian authorities are pressing to renegotiate commercial terms for the giant Oyu Tolgoi copper mine and Rio says it is in active negotiations — heightening political and contract risk for one of Rio’s flagship copper assets. Rio Tinto in ‘Active Negotiations’ With Mongolia Over Oyu Tolgoi Copper Mine
• Negative Sentiment: Major broker actions: J.P. Morgan downgraded Rio to a Hold and Sanford C. Bernstein cut its price target to $77 — analyst moves that can pressure near?term sentiment and cap upside. Rio Tinto (RIO) was downgraded to a Hold Rating at J.P. Morgan
• Negative Sentiment: UBS warns that Chinese port iron?ore inventories are near multi?year highs, risking a supply overhang that could weaken iron?ore prices — a key price driver for Rio’s iron?ore earnings. Rio Tinto and BHP face iron ore inventory warning as prices recover from Chinese New Year lows

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.