Rio Tinto (NYSE:RIO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, February 20th.
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. “
RIO has been the topic of a number of other research reports. JPMorgan Chase & Co. downgraded Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, November 13th. Citigroup reissued a “buy” rating on shares of Rio Tinto in a research report on Tuesday, December 5th. Royal Bank of Canada downgraded Rio Tinto from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from $47.87 to $48.37 in a research report on Monday, October 23rd. HSBC cut Rio Tinto from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Finally, Argus raised their target price on Rio Tinto to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Rio Tinto has an average rating of “Hold” and an average target price of $59.07.
Rio Tinto announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 7th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the mining company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of RIO. State Street Corp raised its holdings in Rio Tinto by 7.2% during the 2nd quarter. State Street Corp now owns 25,399 shares of the mining company’s stock valued at $1,075,000 after acquiring an additional 1,700 shares during the period. 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 valued at $135,000 after acquiring an additional 2,166 shares during the period. Dynamic Technology Lab Private Ltd raised its holdings in Rio Tinto by 18.8% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 9,500 shares of the mining company’s stock valued at $402,000 after acquiring an additional 1,503 shares during the period. Sit Investment Associates Inc. raised its holdings in Rio Tinto by 38.9% during the 3rd quarter. Sit Investment Associates Inc. now owns 39,531 shares of the mining company’s stock valued at $1,865,000 after acquiring an additional 11,075 shares during the period. Finally, Barometer Capital Management Inc. bought a new stake in Rio Tinto during the 3rd quarter valued at $19,213,000. 7.20% of the stock is currently owned by institutional investors and hedge funds.
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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.
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