Zacks Investment Research upgraded shares of Rio Tinto (NYSE:RIO) from a hold rating to a buy rating in a research note issued to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $68.00 target price on the mining company’s stock.
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 several other reports. HSBC lowered Rio Tinto from a buy rating to a hold rating in a report on Friday, March 1st. Goldman Sachs Group raised Rio Tinto from a neutral rating to a buy rating and set a $56.08 target price on the stock in a report on Monday, February 11th. Investec lowered Rio Tinto from a buy rating to a hold rating in a report on Friday, February 8th. UBS Group reaffirmed a neutral rating on shares of Rio Tinto in a report on Wednesday, March 27th. Finally, Vertical Group raised Rio Tinto from a sell rating to a hold rating in a report on Thursday, April 4th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $61.58.
Rio Tinto stock opened at $58.93 on Thursday. The stock has a market cap of $77.12 billion, a P/E ratio of 11.62 and a beta of 0.83. Rio Tinto has a 52 week low of $44.62 and a 52 week high of $63.27. The company has a current ratio of 1.98, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace LLP acquired a new stake in Rio Tinto in the first quarter valued at approximately $393,000. Accident Compensation Corp grew its holdings in Rio Tinto by 2.0% in the first quarter. Accident Compensation Corp now owns 81,572 shares of the mining company’s stock valued at $4,801,000 after purchasing an additional 1,600 shares during the period. GYL Financial Synergies LLC acquired a new stake in Rio Tinto in the first quarter valued at approximately $256,000. Dixon Hubard Feinour & Brown Inc. VA grew its holdings in Rio Tinto by 13.9% in the first quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 7,591 shares of the mining company’s stock valued at $447,000 after purchasing an additional 926 shares during the period. Finally, Lombard Odier Asset Management USA Corp grew its holdings in Rio Tinto by 178.8% in the first quarter. Lombard Odier Asset Management USA Corp now owns 60,000 shares of the mining company’s stock valued at $3,531,000 after purchasing an additional 38,477 shares during the period. 8.61% of the stock is currently owned by institutional investors.
About Rio Tinto
Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.
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