Rio Tinto Group (LON:RIO) Hits New 52-Week High – Still a Buy?

Rio Tinto Group (LON:RIO)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as GBX 7,615 and last traded at GBX 7,609, with a volume of 87170578 shares. The stock had previously closed at GBX 7,377.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RIO. JPMorgan Chase & Co. upped their price objective on shares of Rio Tinto Group from GBX 7,030 to GBX 7,200 and gave the company a “neutral” rating in a research note on Wednesday, April 22nd. Citigroup boosted their price objective on Rio Tinto Group from GBX 7,000 to GBX 7,200 and gave the stock a “neutral” rating in a research note on Monday, April 13th. Berenberg Bank decreased their target price on shares of Rio Tinto Group from GBX 6,700 to GBX 6,600 and set a “hold” rating for the company in a research note on Wednesday, April 22nd. Royal Bank Of Canada restated a “sector perform” rating and set a GBX 6,400 price objective on shares of Rio Tinto Group in a research note on Friday, April 17th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a GBX 6,900 price objective on shares of Rio Tinto Group in a report on Wednesday, April 22nd. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of GBX 6,860.

Rio Tinto Group Stock Down 1.1%

The firm has a 50-day simple moving average of GBX 7,056.75 and a 200 day simple moving average of GBX 6,380.46. The company has a debt-to-equity ratio of 39.51, a current ratio of 1.44 and a quick ratio of 1.34. The stock has a market capitalization of £125.28 billion, a P/E ratio of 12.66, a P/E/G ratio of -0.64 and a beta of 0.63.

Insider Buying and Selling

In other news, insider Peter Cunningham sold 6 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of GBX 7,311, for a total value of £438.66. Insiders own 0.10% of the company’s stock.

About Rio Tinto Group

We operate in 35 countries where our 60,000 employees are working to find better ways to provide the materials the world needs. Our portfolio includes iron ore, copper, aluminium and a range of other minerals and materials needed for people, communities and nations to grow and prosper, and for the world to cut carbon emissions to net zero. We continuously search for new projects that can support the energy transition, currently exploring for 7 commodities in 17 countries.

We have more than 150 years of mining and processing experience guiding our work.