Rio Tinto PLC (RIO) Earns Market Perform Rating from Cowen and Company

Cowen and Company reiterated their market perform rating on shares of Rio Tinto PLC (NYSE:RIO) in a research note released on Tuesday morning. Cowen and Company currently has a $45.00 price objective on the mining company’s stock, down from their prior price objective of $47.00.

Other research analysts have also recently issued research reports about the company. ValuEngine cut Rio Tinto PLC from a strong-buy rating to a buy rating in a report on Tuesday, June 20th. Citigroup Inc. raised Rio Tinto PLC from a neutral rating to a buy rating in a report on Thursday, April 20th. BidaskClub raised Rio Tinto PLC from a hold rating to a buy rating in a report on Wednesday, July 5th. Bank of America Corporation raised Rio Tinto PLC from an underperform rating to a buy rating in a report on Friday, June 30th. Finally, BNP Paribas raised Rio Tinto PLC from a neutral rating to an outperform rating in a report on Thursday, April 20th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $40.17.

Rio Tinto PLC (NYSE RIO) traded up 0.07% during trading on Tuesday, reaching $45.96. The company had a trading volume of 2,407,411 shares. Rio Tinto PLC has a 52-week low of $29.62 and a 52-week high of $47.11. The company has a 50-day moving average of $42.03 and a 200-day moving average of $41.67. The firm has a market capitalization of $82.69 billion, a P/E ratio of 18.00 and a beta of 0.96.

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Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in shares of Rio Tinto PLC by 27.8% in the first quarter. Bank of America Corp DE now owns 2,545,963 shares of the mining company’s stock worth $103,570,000 after buying an additional 553,424 shares in the last quarter. Neuberger Berman Group LLC acquired a new stake in shares of Rio Tinto PLC during the first quarter worth about $62,865,000. Nikko Asset Management Americas Inc. boosted its stake in shares of Rio Tinto PLC by 6.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,139,064 shares of the mining company’s stock worth $46,337,000 after buying an additional 71,900 shares in the last quarter. Todd Asset Management LLC acquired a new stake in shares of Rio Tinto PLC during the first quarter worth about $44,378,000. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of Rio Tinto PLC by 29.0% in the first quarter. Parametric Portfolio Associates LLC now owns 776,209 shares of the mining company’s stock worth $31,576,000 after buying an additional 174,655 shares in the last quarter. 7.11% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto PLC 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.