Zacks Investment Research Downgrades Rio Tinto (RIO) to Hold

Rio Tinto (NYSE:RIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “

Several other equities analysts have also commented on RIO. Citigroup reaffirmed a “buy” rating on shares of Rio Tinto in a research note on Thursday, September 28th. Canaccord Genuity lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Cowen set a $47.00 price target on Rio Tinto and gave the company a “hold” rating in a research note on Monday, October 16th. Clarkson Capital lowered Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Monday, October 16th. Finally, Jefferies Group set a $55.00 price target on Rio Tinto and gave the company a “buy” rating in a research note on Thursday, October 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $51.59.

Rio Tinto (NYSE RIO) opened at $54.54 on Thursday. Rio Tinto has a 12 month low of $37.66 and a 12 month high of $55.00. The company has a market capitalization of $97,670.00, a price-to-earnings ratio of 15.90 and a beta of 1.01. The company has a quick ratio of 1.34, a current ratio of 1.71 and a debt-to-equity ratio of 0.31.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in Rio Tinto by 16.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,503,490 shares of the mining company’s stock worth $118,140,000 after acquiring an additional 353,835 shares in the last quarter. Jennison Associates LLC lifted its stake in Rio Tinto by 35.7% during the 3rd quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock worth $100,973,000 after acquiring an additional 563,461 shares in the last quarter. Van ECK Associates Corp lifted its stake in Rio Tinto by 237.3% during the 3rd quarter. Van ECK Associates Corp now owns 1,280,538 shares of the mining company’s stock worth $60,429,000 after acquiring an additional 900,859 shares in the last quarter. Northern Trust Corp lifted its stake in Rio Tinto by 0.8% during the 2nd quarter. Northern Trust Corp now owns 1,166,895 shares of the mining company’s stock worth $49,372,000 after acquiring an additional 9,809 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Rio Tinto by 124.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock worth $51,543,000 after acquiring an additional 605,170 shares in the last quarter. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

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Rio Tinto Company Profile

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

Analyst Recommendations for Rio Tinto (NYSE:RIO)

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