Royal Bank of Canada Lowers Rio Tinto Group (LON:RIO) Price Target to GBX 4,700

Rio Tinto Group (LON:RIOGet Rating) had its price objective cut by investment analysts at Royal Bank of Canada from GBX 4,900 ($59.04) to GBX 4,700 ($56.63) in a research report issued on Thursday, MarketBeat Ratings reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target points to a potential downside of 4.56% from the stock’s current price.

Several other brokerages have also issued reports on RIO. UBS Group set a GBX 4,300 ($51.81) price objective on shares of Rio Tinto Group in a report on Thursday. Morgan Stanley set a GBX 6,230 ($75.06) price target on shares of Rio Tinto Group in a report on Thursday, June 23rd. Jefferies Financial Group set a GBX 6,800 ($81.93) price target on shares of Rio Tinto Group in a report on Tuesday, June 7th. Deutsche Bank Aktiengesellschaft set a GBX 5,800 ($69.88) price target on shares of Rio Tinto Group in a report on Wednesday, June 29th. Finally, Berenberg Bank lifted their price target on shares of Rio Tinto Group from GBX 4,100 ($49.40) to GBX 4,300 ($51.81) and gave the stock a “sell” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of GBX 5,344.62 ($64.39).

Rio Tinto Group Stock Performance

Shares of RIO stock opened at GBX 4,924.50 ($59.33) on Thursday. The firm has a market cap of £79.80 billion and a price-to-earnings ratio of 455.97. The company’s 50 day moving average is GBX 5,184.71 and its 200 day moving average is GBX 5,500.36. The company has a quick ratio of 1.46, a current ratio of 1.94 and a debt-to-equity ratio of 23.91. Rio Tinto Group has a 52-week low of GBX 4,354 ($52.46) and a 52-week high of GBX 6,343 ($76.42).

Insider Activity

In other news, insider Peter Cunningham sold 762 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of GBX 5,370 ($64.70), for a total transaction of £40,919.40 ($49,300.48). In related news, insider Peter Cunningham sold 762 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of GBX 5,370 ($64.70), for a total transaction of £40,919.40 ($49,300.48). Also, insider Jakob Stausholm bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were acquired at an average price of GBX 4,857 ($58.52) per share, with a total value of £485,700 ($585,180.72).

About Rio Tinto Group

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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.

Further Reading

Analyst Recommendations for Rio Tinto Group (LON:RIO)

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