Rio Tinto (RIO) Rating Reiterated by BNP Paribas

Rio Tinto (NYSE:RIO)‘s stock had its “neutral” rating reiterated by equities research analysts at BNP Paribas in a note issued to investors on Friday.

Several other research firms have also recently commented on RIO. Jefferies Group set a $69.00 target price on Rio Tinto and gave the company a “buy” rating in a research note on Thursday, February 15th. Argus upped their price objective on Rio Tinto to $61.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 20th. HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Finally, Zacks Investment Research upgraded Rio Tinto from a “sell” rating to a “hold” rating in a research report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $59.07.

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RIO stock traded down $0.74 during midday trading on Friday, reaching $50.78. The stock had a trading volume of 499,943 shares, compared to its average volume of 3,238,633. The company has a quick ratio of 1.40, a current ratio of 1.71 and a debt-to-equity ratio of 0.30. The firm has a market cap of $68,666.49, a price-to-earnings ratio of 10.60 and a beta of 1.14. Rio Tinto has a twelve month low of $37.66 and a twelve month high of $59.25.

Rio Tinto announced that its Board of Directors has approved a share buyback program on Wednesday, February 7th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the mining company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

A number of institutional investors have recently modified their holdings of RIO. Zions Bancorporation grew its position in shares of Rio Tinto by 2,992.2% in the third quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after purchasing an additional 2,304 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Rio Tinto by 212.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after purchasing an additional 2,166 shares during the last quarter. Mackenzie Financial Corp bought a new position in Rio Tinto during the 4th quarter valued at approximately $212,000. Advisor Partners LLC bought a new position in Rio Tinto during the 4th quarter valued at approximately $219,000. Finally, Burney Co. bought a new position in Rio Tinto during the 4th quarter valued at approximately $238,000. Institutional investors and hedge funds own 7.20% of the company’s stock.

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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.

Analyst Recommendations for Rio Tinto (NYSE:RIO)

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