Rio Tinto (NYSE:RIO) Upgraded at Citigroup

Citigroup upgraded shares of Rio Tinto (NYSE:RIO) to a hold rating in a research note published on Tuesday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. HSBC lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Monday, January 26th. Argus increased their price objective on Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Finally, Morgan Stanley cut Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 28th. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Trading Down 1.7%

NYSE RIO opened at $97.86 on Tuesday. The business’s fifty day simple moving average is $84.91 and its 200-day simple moving average is $72.61. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto has a 52 week low of $51.67 and a 52 week high of $100.33.

Hedge Funds Weigh In On Rio Tinto

Institutional investors have recently modified their holdings of the business. PFS Partners LLC acquired a new position in shares of Rio Tinto during the fourth quarter worth about $28,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Rio Tinto in the 4th quarter valued at approximately $28,000. Trust Co. of Toledo NA OH acquired a new stake in shares of Rio Tinto in the 4th quarter valued at $34,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Rio Tinto during the 4th quarter worth $37,000. Finally, Salomon & Ludwin LLC lifted its position in shares of Rio Tinto by 62.2% during the 3rd quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after purchasing an additional 181 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.