Rio Tinto (NYSE:RIO) Price Target Lowered to $77.00 at Sanford C. Bernstein

Rio Tinto (NYSE:RIO) had its price objective cut by investment analysts at Sanford C. Bernstein from $83.00 to $77.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the mining company’s stock. Sanford C. Bernstein’s price objective points to a potential downside of 13.42% from the company’s current price.

RIO has been the topic of several other research reports. Argus raised their price target on Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research report on Thursday, January 22nd. Citigroup raised shares of Rio Tinto to a “hold” rating in a research report on Tuesday, February 10th. Barclays downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, February 24th. Finally, Morgan Stanley downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $81.00.

Rio Tinto Trading Down 1.4%

Shares of NYSE RIO traded down $1.27 during trading hours on Monday, hitting $88.94. 2,110,639 shares of the company traded hands, compared to its average volume of 4,197,147. The company’s 50 day moving average price is $91.22 and its 200 day moving average price is $76.83. Rio Tinto has a 12 month low of $51.67 and a 12 month high of $101.53. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RIO. Arrowstreet Capital Limited Partnership grew its holdings in Rio Tinto by 170.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company’s stock worth $311,023,000 after acquiring an additional 2,451,140 shares during the period. Milford Funds Ltd. acquired a new position in Rio Tinto in the fourth quarter valued at approximately $93,143,000. Deutsche Bank AG boosted its position in Rio Tinto by 102.6% in the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company’s stock worth $177,421,000 after purchasing an additional 1,122,667 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Rio Tinto by 144.7% during the 4th quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company’s stock worth $127,039,000 after purchasing an additional 938,687 shares during the period. Finally, Marshall Wace LLP acquired a new stake in shares of Rio Tinto during the 2nd quarter worth approximately $49,089,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

About Rio Tinto

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.