Rio Tinto Group (NYSE:RIO) Cut to Buy at StockNews.com

StockNews.com lowered shares of Rio Tinto Group (NYSE:RIO) from a strong-buy rating to a buy rating in a research report released on Tuesday.

RIO has been the topic of several other reports. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Finally, Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy”.

Rio Tinto Group Price Performance

Rio Tinto Group stock opened at $60.42 on Tuesday. Rio Tinto Group has a 12 month low of $59.35 and a 12 month high of $75.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The business’s fifty day simple moving average is $65.42 and its two-hundred day simple moving average is $66.15.

Institutional Investors Weigh In On Rio Tinto Group

A number of hedge funds have recently added to or reduced their stakes in RIO. Erste Asset Management GmbH bought a new stake in shares of Rio Tinto Group in the third quarter worth $214,000. Financial Counselors Inc. grew its stake in shares of Rio Tinto Group by 6.3% during the 3rd quarter. Financial Counselors Inc. now owns 5,805 shares of the mining company’s stock valued at $413,000 after purchasing an additional 343 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Rio Tinto Group by 26.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,084 shares of the mining company’s stock valued at $77,000 after purchasing an additional 224 shares during the last quarter. FORA Capital LLC purchased a new stake in shares of Rio Tinto Group during the 3rd quarter valued at about $1,636,000. Finally, BNP Paribas lifted its stake in shares of Rio Tinto Group by 23.1% in the 3rd quarter. BNP Paribas now owns 1,330 shares of the mining company’s stock worth $95,000 after purchasing an additional 250 shares during the period. 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.