Berenberg Bank Downgrades Rio Tinto Group (NYSE:RIO) to Hold

Rio Tinto Group (NYSE:RIO) was downgraded by equities research analysts at Berenberg Bank from a “buy” rating to a “hold” rating in a report issued on Thursday, Marketbeat Ratings reports.

Several other equities analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 21st. Liberum Capital reiterated a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. Finally, Citigroup cut shares of Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

NYSE RIO opened at $65.93 on Thursday. Rio Tinto Group has a 1 year low of $58.27 and a 1 year high of $75.09. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. The business’s fifty day moving average is $68.81 and its two-hundred day moving average is $68.13.

Hedge Funds Weigh In On Rio Tinto Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in shares of Rio Tinto Group by 7.1% during the 4th quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock valued at $1,849,476,000 after acquiring an additional 1,644,751 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Rio Tinto Group by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock valued at $1,194,751,000 after acquiring an additional 475,329 shares in the last quarter. Morgan Stanley grew its holdings in shares of Rio Tinto Group by 2.7% during the 3rd quarter. Morgan Stanley now owns 4,464,344 shares of the mining company’s stock valued at $284,111,000 after acquiring an additional 118,706 shares in the last quarter. Earnest Partners LLC boosted its holdings in Rio Tinto Group by 1.4% in the first quarter. Earnest Partners LLC now owns 1,395,961 shares of the mining company’s stock worth $88,979,000 after purchasing an additional 19,334 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in Rio Tinto Group by 296.2% in the first quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock worth $71,382,000 after purchasing an additional 764,635 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

About Rio Tinto Group

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.