Rio Tinto (NYSE:RIO) Upgraded at Zacks Research

Zacks Research upgraded shares of Rio Tinto (NYSE:RIO) from a hold rating to a strong-buy rating in a report published on Monday morning,Zacks.com reports.

Several other analysts also recently weighed in on RIO. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a research note on Monday, December 1st. Citigroup restated a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Argus upped their price objective on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Tuesday, December 16th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Rio Tinto Price Performance

Shares of RIO opened at $80.03 on Monday. Rio Tinto has a 12 month low of $51.67 and a 12 month high of $82.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The stock has a fifty day moving average price of $73.59 and a 200 day moving average price of $66.23.

Institutional Investors Weigh In On Rio Tinto

A number of institutional investors have recently bought and sold shares of RIO. Live Oak Investment Partners grew its holdings in Rio Tinto by 0.8% during the second quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company’s stock valued at $1,156,000 after purchasing an additional 162 shares during the last quarter. Spire Wealth Management boosted its holdings in shares of Rio Tinto by 4.2% during the 3rd quarter. Spire Wealth Management now owns 4,258 shares of the mining company’s stock worth $281,000 after buying an additional 173 shares during the period. Cornerstone Wealth Management LLC grew its stake in Rio Tinto by 2.7% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 6,620 shares of the mining company’s stock valued at $437,000 after buying an additional 174 shares during the last quarter. Salomon & Ludwin LLC grew its stake in Rio Tinto by 62.2% in the 3rd quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after buying an additional 181 shares during the last quarter. Finally, Hamilton Point Investment Advisors LLC raised its holdings in Rio Tinto by 0.4% in the 3rd quarter. Hamilton Point Investment Advisors LLC now owns 42,206 shares of the mining company’s stock worth $2,786,000 after acquiring an additional 182 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.