Shares of Rio Tinto plc (NYSE:RIO) gapped down prior to trading on Thursday . The stock had previously closed at $54.04, but opened at $54.71. Rio Tinto shares last traded at $52.98, with a volume of 2960582 shares traded.
RIO has been the topic of a number of research analyst reports. Zacks Investment Research lowered Rio Tinto from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 10th. Bank of America lowered Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 20th. Societe Generale raised Rio Tinto from a “hold” rating to a “buy” rating in a research note on Wednesday, November 8th. JPMorgan Chase & Co. lowered Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Thursday, December 14th. Finally, Cowen reaffirmed a “market perform” rating and issued a $61.00 price objective (up from $54.00) on shares of Rio Tinto in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. Rio Tinto currently has a consensus rating of “Hold” and an average target price of $59.07.
The firm has a market cap of $95,550.00, a P/E ratio of 10.82 and a beta of 1.09. The company has a current ratio of 1.71, a quick ratio of 1.40 and a debt-to-equity ratio of 0.30.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Elkfork Partners LLC acquired a new position in Rio Tinto during the 4th quarter worth approximately $275,000. Envestnet Asset Management Inc. lifted its position in Rio Tinto by 1.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 90,436 shares of the mining company’s stock worth $4,786,000 after acquiring an additional 1,467 shares in the last quarter. Dixon Hubard Feinour & Brown Inc. VA acquired a new position in Rio Tinto during the 4th quarter worth approximately $386,000. Delek Group Ltd. acquired a new position in Rio Tinto during the 4th quarter worth approximately $10,042,000. Finally, Salem Investment Counselors Inc. acquired a new position in Rio Tinto during the 4th quarter worth approximately $1,923,000. 7.15% of the stock is currently owned by institutional investors and hedge funds.
About Rio Tinto
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.
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