Rio Tinto (NYSE:RIO) Given “Buy” Rating at BMO Capital Markets
BMO Capital Markets restated their buy rating on shares of Rio Tinto (NYSE:RIO) in a research note released on Monday morning, AnalystRatings.com reports.
A number of other research analysts also recently issued reports on RIO. Zacks Investment Research upgraded shares of Rio Tinto from a hold rating to a strong-buy rating and set a $70.00 price target on the stock in a research report on Saturday, September 12th. Bank of America upgraded shares of Rio Tinto from a neutral rating to a buy rating in a research report on Friday, May 29th. Deutsche Bank restated a buy rating on shares of Rio Tinto in a research report on Thursday, July 30th. Royal Bank of Canada upgraded shares of Rio Tinto from an underperform rating to a sector perform rating in a research report on Wednesday, July 8th. Finally, Citigroup upgraded shares of Rio Tinto from a neutral rating to a buy rating in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $63.50.
Rio Tinto stock opened at $64.72 on Monday. The firm’s 50-day moving average is $62.03 and its 200-day moving average is $53.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.23 and a current ratio of 1.61. Rio Tinto has a 1 year low of $35.35 and a 1 year high of $66.55. The company has a market cap of $80.77 billion, a P/E ratio of 10.22 and a beta of 0.67.
Several hedge funds have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC bought a new stake in shares of Rio Tinto during the 2nd quarter worth about $1,542,000. Neuberger Berman Group LLC raised its position in shares of Rio Tinto by 0.6% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,758,735 shares of the mining company’s stock worth $98,806,000 after buying an additional 9,802 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Rio Tinto during the 2nd quarter worth about $212,000. FMR LLC raised its position in shares of Rio Tinto by 19.2% during the 2nd quarter. FMR LLC now owns 407,648 shares of the mining company’s stock worth $22,902,000 after buying an additional 65,663 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of Rio Tinto during the 2nd quarter worth about $257,000. Institutional investors own 7.73% of the company’s stock.
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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