HSBC Lowers Rio Tinto (RIO) to Hold

Rio Tinto (NYSE:RIO) was downgraded by stock analysts at HSBC from a “buy” rating to a “hold” rating in a report issued on Tuesday.

A number of other analysts have also recently issued reports on the stock. Cowen set a $47.00 target price on shares of Rio Tinto and gave the stock a “hold” rating in a research note on Monday, October 16th. JPMorgan Chase & Co. cut shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Thursday, December 14th. Citigroup restated a “buy” rating on shares of Rio Tinto in a research note on Tuesday, December 5th. Societe Generale upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research note on Wednesday, November 8th. Finally, Canaccord Genuity cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $51.59.

Shares of Rio Tinto (NYSE:RIO) traded up $0.43 during mid-day trading on Tuesday, reaching $57.67. 2,364,000 shares of the company’s stock were exchanged, compared to its average volume of 2,858,200. The firm has a market capitalization of $101,290.00, a PE ratio of 16.81 and a beta of 1.01. The company has a current ratio of 1.71, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31. Rio Tinto has a 12-month low of $37.66 and a 12-month high of $57.78.

A number of institutional investors have recently modified their holdings of RIO. Acrospire Investment Management LLC raised its stake in Rio Tinto by 13.0% in 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 in the last quarter. Zions Bancorporation raised its stake in Rio Tinto by 2,992.2% in 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 in the last quarter. The Manufacturers Life Insurance Company raised its stake in Rio Tinto by 212.1% in 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 in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Rio Tinto by 120.1% in 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 in the last quarter. Finally, MML Investors Services LLC acquired a new stake in Rio Tinto in the 2nd quarter worth about $203,000. Institutional investors and hedge funds own 7.24% 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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