Rio Tinto (RIO) Raised to “Buy” at Zacks Investment Research

Rio Tinto (NYSE:RIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, December 20th. The brokerage currently has a $56.00 target price on the mining company’s stock. Zacks Investment Research‘s price objective would suggest a potential downside of 2.17% from the company’s current price.

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. “

A number of other analysts have also issued reports on RIO. ValuEngine lowered shares of Rio Tinto from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. JPMorgan Chase & Co. lowered shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Thursday, December 14th. Societe Generale raised shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Wednesday, November 8th. Royal Bank of Canada downgraded Rio Tinto from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $47.87 to $48.37 in a report on Monday, October 23rd. Finally, Citigroup restated a “buy” rating on shares of Rio Tinto in a research note on Tuesday, December 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $51.59.

Shares of Rio Tinto (NYSE RIO) traded up $1.16 on Wednesday, hitting $57.24. 2,577,964 shares of the company’s stock traded hands, compared to its average volume of 2,919,983. Rio Tinto has a one year low of $37.66 and a one year high of $57.28. The firm has a market capitalization of $101,890.00, a PE ratio of 16.69 and a beta of 1.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 1.71.

Several institutional investors have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC raised its holdings in Rio Tinto by 13.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock worth $110,000 after purchasing an additional 299 shares during the last quarter. Zions Bancorporation raised its holdings in Rio Tinto by 2,992.2% during the 3rd quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock worth $112,000 after purchasing an additional 2,304 shares during the last quarter. Hudock Capital Group LLC raised its holdings in Rio Tinto by 125.4% during the 2nd quarter. Hudock Capital Group LLC now owns 2,795 shares of the mining company’s stock worth $118,000 after purchasing an additional 1,555 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings 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 worth $135,000 after purchasing an additional 2,166 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Rio Tinto by 120.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,753 shares of the mining company’s stock worth $159,000 after purchasing an additional 2,048 shares during the last quarter. 7.24% 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.

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