Rio Tinto Group (LON:RIO) Stock Passes Above 200 Day Moving Average – Here’s Why

Shares of Rio Tinto Group (LON:RIO) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 7,289.66 and traded as high as GBX 7,770. Rio Tinto Group shares last traded at GBX 7,602, with a volume of 3,396,464 shares trading hands.

Analysts Set New Price Targets

Several analysts recently weighed in on RIO shares. Jefferies Financial Group restated a “hold” rating and set a GBX 8,500 price target on shares of Rio Tinto Group in a report on Tuesday, June 9th. Shore Capital Group lowered their target price on shares of Rio Tinto Group from GBX 7,400 to GBX 6,900 and set a “hold” rating for the company in a report on Tuesday, June 2nd. Royal Bank Of Canada reaffirmed an “underperform” rating and set a GBX 6,100 price target on shares of Rio Tinto Group in a research note on Wednesday, July 29th. Citigroup reduced their target price on Rio Tinto Group from GBX 8,280 to GBX 8,250 and set a “neutral” rating on the stock in a research note on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a GBX 7,400 target price on shares of Rio Tinto Group in a report on Thursday, July 30th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of GBX 7,707.14.

Rio Tinto Group Price Performance

The firm has a 50 day simple moving average of GBX 7,228.81 and a 200-day simple moving average of GBX 7,291.58. The company has a quick ratio of 1.34, a current ratio of 1.42 and a debt-to-equity ratio of 34.91. The company has a market cap of £119.93 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of -0.64 and a beta of 0.66.

Insider Activity at Rio Tinto Group

In related news, insider Peter Cunningham sold 4 shares of the stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of GBX 6,640, for a total transaction of £265.60. 0.10% of the stock is currently owned by company insiders.

Rio Tinto Group Company Profile

We operate in 35 countries where our 60,000 employees are working to find better ways to provide the materials the world needs. Our portfolio includes iron ore, copper, aluminium and a range of other minerals and materials needed for people, communities and nations to grow and prosper, and for the world to cut carbon emissions to net zero. We continuously search for new projects that can support the energy transition, currently exploring for 7 commodities in 17 countries.

We have more than 150 years of mining and processing experience guiding our work.