Rio Tinto Group (NYSE:RIO) Rating Lowered to Hold at Zacks Investment Research

Rio Tinto Group (NYSE:RIOGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

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 subject of a number of other reports. Barclays cut shares of Rio Tinto Group from an “equal weight” rating to an “underweight” rating in a report on Tuesday, April 26th. Royal Bank of Canada increased their target price on shares of Rio Tinto Group from GBX 5,300 ($66.21) to GBX 5,600 ($69.96) in a report on Tuesday, April 19th. UBS Group raised shares of Rio Tinto Group from a “sell” rating to a “neutral” rating in a research note on Friday, March 25th. Liberum Capital cut shares of Rio Tinto Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, BMO Capital Markets raised shares of Rio Tinto Group from an “underperform” rating to a “market perform” rating in a research note on Monday, March 14th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto Group currently has an average rating of “Hold” and an average price target of $2,545.77.

Shares of Rio Tinto Group stock opened at $71.12 on Wednesday. Rio Tinto Group has a 12-month low of $59.58 and a 12-month high of $95.97. The company has a quick ratio of 1.50, a current ratio of 1.93 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $77.32 and a two-hundred day moving average of $71.55.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Fisher Asset Management LLC boosted its position in Rio Tinto Group by 1.5% during the fourth quarter. Fisher Asset Management LLC now owns 13,552,659 shares of the mining company’s stock worth $907,215,000 after acquiring an additional 194,326 shares during the last quarter. Capital World Investors boosted its position in Rio Tinto Group by 8.1% during the fourth quarter. Capital World Investors now owns 8,140,847 shares of the mining company’s stock worth $544,945,000 after acquiring an additional 609,709 shares during the last quarter. Morgan Stanley boosted its position in Rio Tinto Group by 21.8% during the third quarter. Morgan Stanley now owns 4,789,595 shares of the mining company’s stock worth $320,040,000 after acquiring an additional 857,970 shares during the last quarter. Neuberger Berman Group LLC boosted its position in Rio Tinto Group by 10.0% during the third quarter. Neuberger Berman Group LLC now owns 3,243,383 shares of the mining company’s stock worth $216,653,000 after acquiring an additional 295,115 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Rio Tinto Group by 71.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,213,785 shares of the mining company’s stock worth $214,745,000 after acquiring an additional 1,344,180 shares during the last quarter. Hedge funds and other institutional investors own 10.84% of the company’s stock.

About Rio Tinto Group (Get Rating)

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.

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