Rio Tinto (NYSE:RIO) Downgraded by Bank of America to Neutral

Rio Tinto (NYSE:RIO) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Friday, MarketBeat.com reports.

A number of other research analysts have also recently weighed in on the stock. Morgan Stanley cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 28th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Erste Group Bank upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Barclays cut shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, February 24th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Rio Tinto in a research note on Wednesday. Four research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $101.75.

Rio Tinto Price Performance

RIO opened at $104.88 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. Rio Tinto has a twelve month low of $55.64 and a twelve month high of $112.58. The company’s 50-day moving average price is $96.89 and its two-hundred day moving average price is $88.20.

Institutional Trading of Rio Tinto

A number of institutional investors have recently modified their holdings of RIO. AdvisorNet Financial Inc lifted its stake in shares of Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after buying an additional 181 shares in the last quarter. PFS Partners LLC purchased a new stake in shares of Rio Tinto during the 4th quarter valued at approximately $28,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Rio Tinto during the 4th quarter valued at approximately $28,000. Trust Co. of Toledo NA OH purchased a new stake in shares of Rio Tinto during the 4th quarter valued at approximately $34,000. Finally, Evelyn Partners Investment Management LLP purchased a new stake in Rio Tinto in the 4th quarter worth approximately $34,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Company Profile

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.