Rio Tinto PLC (NYSE:RIO)‘s stock had its “market perform” rating reissued by equities research analysts at Cowen and Company in a research report issued on Tuesday. They presently have a $45.00 price target on the mining company’s stock, down from their prior price target of $47.00. Cowen and Company’s price objective would indicate a potential upside of 2.51% from the stock’s previous close.
RIO has been the topic of several other reports. Axiom Securities reissued a “sell” rating on shares of Rio Tinto PLC in a report on Thursday, July 13th. BidaskClub raised Rio Tinto PLC from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. BNP Paribas raised Rio Tinto PLC from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 20th. Royal Bank Of Canada raised Rio Tinto PLC from an “outperform” rating to a “top pick” rating in a research note on Wednesday, May 17th. Finally, ValuEngine lowered Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 20th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Rio Tinto PLC presently has a consensus rating of “Buy” and a consensus price target of $40.17.
Shares of Rio Tinto PLC (NYSE:RIO) traded up 4.31% on Tuesday, hitting $45.79. The company had a trading volume of 2,317,806 shares. The stock’s 50-day moving average is $42.03 and its 200 day moving average is $41.67. The company has a market capitalization of $82.38 billion, a price-to-earnings ratio of 17.94 and a beta of 0.95. Rio Tinto PLC has a 52 week low of $29.62 and a 52 week high of $47.11.
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A number of institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC bought a new position in shares of Rio Tinto PLC during the first quarter worth approximately $62,865,000. Todd Asset Management LLC acquired a new stake in Rio Tinto PLC during the first quarter worth $44,378,000. Teachers Retirement System of The State of Kentucky acquired a new stake in Rio Tinto PLC during the first quarter worth $28,772,000. Bank of America Corp DE boosted its stake in Rio Tinto PLC by 27.8% in the first quarter. Bank of America Corp DE now owns 2,545,963 shares of the mining company’s stock worth $103,570,000 after buying an additional 553,424 shares during the period. Finally, Bank of Montreal Can acquired a new stake in Rio Tinto PLC during the second quarter worth $21,563,000. Institutional investors own 7.11% of the company’s stock.
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.
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