Cowen Reiterates “Market Perform” Rating for Rio Tinto (RIO)

Cowen restated their market perform rating on shares of Rio Tinto (NYSE:RIO) in a research report released on Thursday, MarketBeat Ratings reports. Cowen currently has a $61.00 price objective on the mining company’s stock, up from their previous price objective of $54.00.

Other analysts also recently issued reports about the stock. Royal Bank of Canada downgraded shares of Rio Tinto from an outperform rating to a sector perform rating and raised their target price for the stock from $47.87 to $48.37 in a report on Monday, October 23rd. JPMorgan Chase & Co. downgraded shares of Rio Tinto from an overweight rating to a neutral rating in a report on Monday, November 13th. Zacks Investment Research downgraded shares of Rio Tinto from a buy rating to a hold rating in a report on Wednesday, December 13th. HSBC downgraded shares of Rio Tinto from a buy rating to a hold rating in a report on Tuesday, January 16th. Finally, Citigroup downgraded shares of Rio Tinto from a buy rating to a neutral rating in a report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $55.09.

Rio Tinto (RIO) traded down $0.19 during trading on Thursday, reaching $56.05. 2,510,000 shares of the company traded hands, compared to its average volume of 2,256,744. Rio Tinto has a twelve month low of $37.66 and a twelve month high of $57.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 1.71.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Moors & Cabot Inc. raised its holdings in shares of Rio Tinto by 2.7% in the second quarter. Moors & Cabot Inc. now owns 9,997 shares of the mining company’s stock valued at $425,000 after purchasing an additional 264 shares during the last quarter. Acrospire Investment Management LLC raised its holdings in shares of Rio Tinto by 13.0% in the second quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock valued at $110,000 after purchasing an additional 299 shares during the last quarter. ETRADE Capital Management LLC raised its holdings in shares of Rio Tinto by 3.7% in the second quarter. ETRADE Capital Management LLC now owns 8,872 shares of the mining company’s stock valued at $375,000 after purchasing an additional 315 shares during the last quarter. Advisor Group Inc. raised its holdings in shares of Rio Tinto by 4.7% in the second quarter. Advisor Group Inc. now owns 11,541 shares of the mining company’s stock valued at $484,000 after purchasing an additional 518 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Rio Tinto by 3.2% in the second quarter. PNC Financial Services Group Inc. now owns 22,040 shares of the mining company’s stock valued at $933,000 after purchasing an additional 686 shares during the last quarter. Institutional investors own 7.24% of the company’s stock.

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About Rio Tinto

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

Analyst Recommendations for Rio Tinto (NYSE:RIO)

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