Rio Tinto PLC (NYSE:RIO) was downgraded by analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, October 17th, Marketbeat.com reports.
Several other brokerages have also issued reports on RIO. Bank of America Corporation raised shares of Rio Tinto PLC from an “underperform” rating to a “buy” rating in a report on Friday, June 30th. Axiom Securities restated a “sell” rating on shares of Rio Tinto PLC in a research report on Tuesday, July 25th. ValuEngine downgraded shares of Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub upgraded shares of Rio Tinto PLC from a “sell” rating to a “hold” rating in a research report on Saturday, June 24th. Finally, Zacks Investment Research upgraded shares of Rio Tinto PLC from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective for the company in a research report on Saturday, October 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $50.07.
Rio Tinto PLC (NYSE RIO) traded up $1.07 during trading hours on Tuesday, hitting $50.31. The stock had a trading volume of 1,552,595 shares, compared to its average volume of 2,230,000. The company has a quick ratio of 1.34, a current ratio of 1.71 and a debt-to-equity ratio of 0.31. Rio Tinto PLC has a 52-week low of $33.91 and a 52-week high of $50.77.
COPYRIGHT VIOLATION WARNING: “Citigroup Inc. Lowers Rio Tinto PLC (NYSE:RIO) to Neutral” was first posted by BBNS and is the property of of BBNS. If you are accessing this piece of content on another domain, it was stolen and reposted in violation of United States and international trademark & copyright law. The legal version of this piece of content can be read at https://baseballnewssource.com/markets/citigroup-inc-downgrades-rio-tinto-plc-rio-to-neutral/1721449.html.
Several hedge funds and other institutional investors have recently bought and sold shares of RIO. Neuberger Berman Group LLC lifted its holdings in Rio Tinto PLC by 49.9% in the 2nd quarter. Neuberger Berman Group LLC now owns 2,316,097 shares of the mining company’s stock valued at $97,994,000 after acquiring an additional 770,750 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Rio Tinto PLC in the 1st quarter valued at about $28,772,000. Jennison Associates LLC increased its holdings in shares of Rio Tinto PLC by 35.7% in the 3rd quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock valued at $100,973,000 after purchasing an additional 563,461 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Rio Tinto PLC by 34.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,149,655 shares of the mining company’s stock valued at $90,952,000 after purchasing an additional 554,656 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of Rio Tinto PLC in the 2nd quarter valued at about $21,563,000. 6.97% of the stock is currently owned by institutional investors and hedge funds.
About Rio Tinto PLC
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
Receive News & Ratings for Rio Tinto PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rio Tinto PLC and related companies with our FREE daily email newsletter.