Rio Tinto Group (LON:RIO) Reaches New 1-Year High – Here’s Why

Shares of Rio Tinto Group (LON:RIO) reached a new 52-week high on Wednesday . The stock traded as high as GBX 6,476 and last traded at GBX 6,474, with a volume of 42271938 shares. The stock had previously closed at GBX 6,314.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RIO. Citigroup boosted their target price on shares of Rio Tinto Group from GBX 4,600 to GBX 5,700 and gave the stock a “neutral” rating in a report on Monday, November 17th. Royal Bank Of Canada boosted their price target on shares of Rio Tinto Group from GBX 6,000 to GBX 6,100 and gave the stock a “sector perform” rating in a research note on Thursday. Berenberg Bank reissued a “hold” rating and set a GBX 5,300 price objective on shares of Rio Tinto Group in a report on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on Rio Tinto Group from GBX 6,100 to GBX 6,950 and gave the stock an “overweight” rating in a report on Wednesday, December 3rd. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of GBX 5,830.

Rio Tinto Group Stock Up 0.8%

The business’s 50 day simple moving average is GBX 5,814.17 and its 200 day simple moving average is GBX 5,147.52. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 25.28. The firm has a market capitalization of £106.25 billion, a PE ratio of 10.41, a PEG ratio of -0.64 and a beta of 0.59.

Insider Buying and Selling

In other news, insider Peter Cunningham sold 3,108 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of GBX 5,464, for a total value of £169,821.12. Corporate insiders own 0.10% of the company’s stock.

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.