Rio Tinto PLC (NYSE:RIO) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Rio Tinto PLC (NYSE:RIO) have been given an average rating of “Moderate Buy” by the ten analysts that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and three have issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $73.00.

Several research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Finally, Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th.

Hedge Funds Weigh In On Rio Tinto

Several hedge funds have recently added to or reduced their stakes in the company. Live Oak Investment Partners lifted its stake in Rio Tinto by 0.8% in the second quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company’s stock worth $1,156,000 after purchasing an additional 162 shares during the last quarter. Spire Wealth Management grew its stake in shares of Rio Tinto by 4.2% during the third quarter. Spire Wealth Management now owns 4,258 shares of the mining company’s stock valued at $281,000 after buying an additional 173 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in shares of Rio Tinto by 2.7% during the third quarter. Cornerstone Wealth Management LLC now owns 6,620 shares of the mining company’s stock valued at $437,000 after buying an additional 174 shares during the last quarter. Salomon & Ludwin LLC lifted its stake 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 acquiring an additional 181 shares during the last quarter. Finally, Hamilton Point Investment Advisors LLC lifted its stake in shares of Rio Tinto by 0.4% during the 3rd quarter. Hamilton Point Investment Advisors LLC now owns 42,206 shares of the mining company’s stock worth $2,786,000 after acquiring an additional 182 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $70.66 on Friday. The firm has a fifty day simple moving average of $67.24 and a two-hundred day simple moving average of $62.80. Rio Tinto has a 52 week low of $51.67 and a 52 week high of $73.76. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03.

About Rio Tinto

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.