Rio Tinto (NYSE:RIO) Rating Lowered to Strong Sell at Zacks Research

Rio Tinto (NYSE:RIO) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other brokerages also recently commented on RIO. Morgan Stanley downgraded Rio Tinto from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, July 8th. Royal Bank Of Canada cut shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 3rd. DZ Bank upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. The Goldman Sachs Group raised Rio Tinto from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 29th. Finally, Sanford C. Bernstein increased their target price on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Rio Tinto has an average rating of “Hold” and an average price target of $105.50.

Rio Tinto Price Performance

RIO opened at $101.61 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.93 and a current ratio of 1.42. Rio Tinto has a twelve month low of $60.09 and a twelve month high of $112.58. The firm’s 50-day moving average price is $97.12 and its 200 day moving average price is $96.52.

Hedge Funds Weigh In On Rio Tinto

Several hedge funds have recently bought and sold shares of the company. Glen Eagle Advisors LLC boosted its holdings in Rio Tinto by 32.2% during the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after buying an additional 110 shares in the last quarter. Trust Point Inc. grew its position in Rio Tinto by 2.0% in the second quarter. Trust Point Inc. now owns 5,989 shares of the mining company’s stock worth $569,000 after buying an additional 118 shares during the last quarter. Americana Partners LLC increased its holdings in shares of Rio Tinto by 0.8% in the fourth quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after buying an additional 120 shares in the last quarter. Walker Asset Management LLC increased its holdings in shares of Rio Tinto by 2.5% in the second quarter. Walker Asset Management LLC now owns 4,866 shares of the mining company’s stock valued at $462,000 after buying an additional 120 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of Rio Tinto by 19.1% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock valued at $62,000 after acquiring an additional 124 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Company Profile

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.