Rio Tinto Group (NYSE:RIO) Shares Gap Down – Time to Sell?

Rio Tinto Group (NYSE:RIO)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $59.58, but opened at $58.08. Rio Tinto Group shares last traded at $58.26, with a volume of 1,420,444 shares changing hands.

Wall Street Analyst Weigh In

RIO has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Barclays reaffirmed an “overweight” rating on shares of Rio Tinto Group in a research report on Wednesday, April 16th. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Trading Down 1.5%

The stock’s 50-day simple moving average is $59.34 and its two-hundred day simple moving average is $60.78. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The firm has a market capitalization of $73.56 billion, a P/E ratio of 9.09, a price-to-earnings-growth ratio of 0.42 and a beta of 0.73.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Ellsworth Advisors LLC raised its holdings in Rio Tinto Group by 22.9% during the first quarter. Ellsworth Advisors LLC now owns 13,696 shares of the mining company’s stock valued at $823,000 after acquiring an additional 2,553 shares during the period. Acadian Asset Management LLC raised its stake in Rio Tinto Group by 37.9% during the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company’s stock valued at $3,458,000 after purchasing an additional 15,839 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Rio Tinto Group by 68.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,427 shares of the mining company’s stock worth $86,000 after purchasing an additional 578 shares in the last quarter. Focus Partners Wealth lifted its holdings in Rio Tinto Group by 16.7% in the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock worth $962,000 after purchasing an additional 2,285 shares in the last quarter. Finally, McIlrath & Eck LLC boosted its stake in Rio Tinto Group by 88.2% in the 1st quarter. McIlrath & Eck LLC now owns 2,492 shares of the mining company’s stock worth $150,000 after purchasing an additional 1,168 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.