Jefferies Financial Group Cuts Rio Tinto Group (NYSE:RIO) Price Target to $73.00

Rio Tinto Group (NYSE:RIO) had its price target trimmed by Jefferies Financial Group from $83.00 to $73.00 in a report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the mining company’s stock.

RIO has been the topic of several other research reports. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Trading Up 0.7 %

RIO opened at $58.62 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a fifty-two week low of $57.85 and a fifty-two week high of $74.24. The company’s 50 day moving average price is $61.77 and its two-hundred day moving average price is $63.87. The firm has a market capitalization of $73.45 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 0.38 and a beta of 0.66.

Institutional Investors Weigh In On Rio Tinto Group

Institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can grew its stake in Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after purchasing an additional 1,738,752 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Rio Tinto Group in the 2nd quarter worth about $48,129,000. Fisher Asset Management LLC grew its position in Rio Tinto Group by 2.9% during the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after buying an additional 485,731 shares during the period. Mediolanum International Funds Ltd bought a new stake in Rio Tinto Group in the third quarter worth about $33,590,000. Finally, SPX Gestao de Recursos Ltda raised its position in Rio Tinto Group by 1,773.2% in the third quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock worth $30,384,000 after acquiring an additional 404,131 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Company Profile

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.