J P Morgan Chase & Co Downgrades Rio Tinto (RIO) to Neutral

Rio Tinto (NYSE:RIO) was downgraded by J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research note issued on Thursday.

RIO has been the subject of several other research reports. ValuEngine lowered shares of Rio Tinto from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Citigroup restated a “buy” rating on shares of Rio Tinto in a research report on Tuesday, December 5th. Royal Bank of Canada lowered shares of Rio Tinto from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $47.87 to $48.37 in a research report on Monday, October 23rd. Cowen set a $47.00 price target on shares of Rio Tinto and gave the stock a “hold” rating in a research report on Monday, October 16th. Finally, Zacks Investment Research lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $51.59.

Rio Tinto (NYSE:RIO) opened at $49.12 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 1.71. Rio Tinto has a 12-month low of $37.66 and a 12-month high of $50.77.

A number of hedge funds have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC lifted its holdings in Rio Tinto by 10.5% in the third quarter. Parametric Portfolio Associates LLC now owns 954,715 shares of the mining company’s stock worth $45,053,000 after purchasing an additional 90,656 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in Rio Tinto in the third quarter worth about $281,000. Public Employees Retirement System of Ohio acquired a new stake in Rio Tinto in the third quarter worth about $7,276,000. Moors & Cabot Inc. lifted its holdings in Rio Tinto by 24.2% in the third quarter. Moors & Cabot Inc. now owns 12,418 shares of the mining company’s stock worth $591,000 after purchasing an additional 2,421 shares during the period. Finally, Griffin Asset Management Inc. acquired a new stake in Rio Tinto in the third quarter worth about $411,000. 7.20% of the stock is owned by institutional investors and hedge funds.

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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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