Stock analysts at Morgan Stanley started coverage on shares of Rio Tinto (NYSE:RIO) in a research report issued to clients and investors on Thursday, The Fly reports. The firm set an “equal weight” rating on the mining company’s stock.
Other analysts have also issued reports about the company. JPMorgan Chase & Co. reissued a “buy” rating on shares of Rio Tinto in a report on Thursday, October 31st. HSBC lowered their price objective on Rio Tinto from $4,750.00 to $4,725.00 and set a “buy” rating for the company in a report on Saturday, November 2nd. Investec raised Rio Tinto from a “hold” rating to a “buy” rating in a report on Friday, October 4th. BMO Capital Markets raised Rio Tinto from a “market perform” rating to an “outperform” rating in a report on Tuesday, September 3rd. Finally, Zacks Investment Research raised Rio Tinto from a “sell” rating to a “hold” rating in a report on Friday, September 27th. Seven investment analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $1,923.04.
Shares of Rio Tinto stock opened at $55.66 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.55 and a debt-to-equity ratio of 0.30. The firm has a market cap of $70.25 billion, a P/E ratio of 10.98 and a beta of 0.87. Rio Tinto has a fifty-two week low of $44.62 and a fifty-two week high of $64.02. The business has a 50-day moving average price of $52.08 and a 200 day moving average price of $55.75.
Several large investors have recently bought and sold shares of the company. Personal Wealth Partners bought a new position in Rio Tinto in the 2nd quarter worth approximately $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Rio Tinto in the 2nd quarter worth approximately $25,000. Quest Capital Management Inc. ADV bought a new position in Rio Tinto in the 3rd quarter worth approximately $26,000. First Interstate Bank bought a new position in Rio Tinto in the 3rd quarter worth approximately $26,000. Finally, CWM LLC grew its holdings in Rio Tinto by 148.4% in the 3rd quarter. CWM LLC now owns 554 shares of the mining company’s stock worth $29,000 after buying an additional 331 shares in the last quarter. 8.22% of the stock is owned by institutional investors.
About Rio Tinto
Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.
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