Rio Tinto Group (NYSE:RIO) Rating Increased to Buy at Berenberg Bank

Rio Tinto Group (NYSE:RIO) was upgraded by Berenberg Bank from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Briefing.com reports.

Other analysts have also recently issued reports about the stock. Hsbc Global Res raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada upgraded Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

NYSE:RIO opened at $71.15 on Wednesday. Rio Tinto Group has a 52 week low of $59.35 and a 52 week high of $75.09. The company’s 50 day moving average price is $63.67 and its 200-day moving average price is $66.00. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Institutional Trading of Rio Tinto Group

Several hedge funds have recently made changes to their positions in the business. Eagle Asset Management Inc. boosted its position in Rio Tinto Group by 22.3% during the 4th quarter. Eagle Asset Management Inc. now owns 7,757 shares of the mining company’s stock valued at $578,000 after acquiring an additional 1,413 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Rio Tinto Group by 4.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 152,000 shares of the mining company’s stock valued at $11,318,000 after acquiring an additional 5,837 shares during the period. NEOS Investment Management LLC acquired a new stake in Rio Tinto Group during the 4th quarter worth about $263,000. Peapack Gladstone Financial Corp grew its stake in Rio Tinto Group by 2.0% during the 4th quarter. Peapack Gladstone Financial Corp now owns 17,203 shares of the mining company’s stock valued at $1,281,000 after purchasing an additional 340 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Rio Tinto Group by 26.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,463 shares of the mining company’s stock worth $705,000 after purchasing an additional 1,958 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.