Erste Group Bank Upgrades Rio Tinto (NYSE:RIO) to Buy

Rio Tinto (NYSE:RIO) was upgraded by research analysts at Erste Group Bank from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat Ratings reports.

RIO has been the subject of a number of other research reports. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research report on Thursday. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, January 14th. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday, December 29th. Finally, Argus raised their price objective on Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $85.00.

Rio Tinto Price Performance

NYSE:RIO opened at $90.37 on Friday. Rio Tinto has a 1-year low of $51.67 and a 1-year high of $90.44. The firm has a fifty day simple moving average of $78.40 and a 200 day simple moving average of $69.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03.

Institutional Trading of Rio Tinto

Several institutional investors have recently added to or reduced their stakes in the company. PFS Partners LLC bought a new position in shares of Rio Tinto during the 4th quarter valued at approximately $28,000. Salomon & Ludwin LLC boosted its stake in Rio Tinto by 62.2% during the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after buying an additional 181 shares during the period. Trust Co. of Toledo NA OH bought a new position in Rio Tinto during the fourth quarter valued at $34,000. Root Financial Partners LLC bought a new position in Rio Tinto during the third quarter valued at $36,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Rio Tinto in the second quarter valued at $38,000. 19.33% of the stock is currently owned by institutional investors.

About Rio Tinto

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.