Citigroup Upgrades Rio Tinto (NYSE:RIO) to “Hold”

Rio Tinto (NYSE:RIO) was upgraded by equities research analysts at Citigroup to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms also recently issued reports on RIO. Argus increased their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Morgan Stanley lowered shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 29th. Finally, Erste Group Bank raised shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Three research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $99.44 on Tuesday. The business has a 50-day moving average of $84.43 and a two-hundred day moving average of $72.43. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto has a 12 month low of $51.67 and a 12 month high of $99.77.

Hedge Funds Weigh In On Rio Tinto

Institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Rio Tinto during the third quarter worth approximately $94,737,000. Deutsche Bank AG boosted its stake in Rio Tinto by 102.6% during the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company’s stock valued at $177,421,000 after acquiring an additional 1,122,667 shares during the last quarter. Natixis Advisors LLC grew its holdings in Rio Tinto by 144.7% during the 4th quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company’s stock worth $127,039,000 after acquiring an additional 938,687 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Rio Tinto in the 2nd quarter worth about $49,089,000. Finally, Bank of Montreal Can increased its position in shares of Rio Tinto by 71.7% in the 2nd quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock worth $108,238,000 after purchasing an additional 774,851 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.