Rio Tinto (NYSE:RIO) Upgraded to Sector Perform at Royal Bank of Canada

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Rio Tinto (NYSE:RIO) was upgraded by research analysts at Royal Bank of Canada from an “underperform” rating to a “sector perform” rating in a research note issued to investors on Monday, The Fly reports.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Friday, October 11th. Investec upgraded Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Morgan Stanley started coverage on Rio Tinto in a report on Thursday, November 7th. They issued an “equal weight” rating for the company. Exane BNP Paribas raised Rio Tinto from an “underperform” rating to a “neutral” rating in a report on Thursday, September 5th. Finally, Liberum Capital cut Rio Tinto from a “hold” rating to a “sell” rating in a research report on Thursday, August 22nd. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $867.26.

Rio Tinto stock opened at $54.60 on Monday. Rio Tinto has a 52-week low of $44.62 and a 52-week high of $64.02. The company has a quick ratio of 1.22, a current ratio of 1.55 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $69.45 billion, a price-to-earnings ratio of 10.77 and a beta of 0.89. The firm has a 50-day moving average price of $53.40 and a two-hundred day moving average price of $55.11.

In related news, insider Clark Megan purchased 525 shares of Rio Tinto stock in a transaction dated Monday, November 18th. The stock was bought at an average cost of $94.33 per share, with a total value of $49,523.25.

Several hedge funds and other institutional investors have recently bought and sold shares of RIO. Personal Wealth Partners bought a new stake in Rio Tinto during the second quarter worth approximately $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Rio Tinto during the 2nd quarter valued at $25,000. Liberty Wealth Management LLC boosted its stake in Rio Tinto by 238.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 491 shares of the mining company’s stock valued at $31,000 after purchasing an additional 346 shares in the last quarter. First Interstate Bank acquired a new position in shares of Rio Tinto during the 3rd quarter valued at $26,000. Finally, Quest Capital Management Inc. ADV acquired a new position in shares of Rio Tinto during the 3rd quarter valued at $26,000. Institutional investors and hedge funds own 7.33% of the company’s stock.

Rio Tinto Company Profile

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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Analyst Recommendations for Rio Tinto (NYSE:RIO)

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