Rio Tinto (RIO) Shares Up 1.3%

Rio Tinto plc (LON:RIO)’s share price shot up 1.3% on Monday . The company traded as high as GBX 3,684 ($49.58) and last traded at GBX 3,672 ($49.42). 2,766,366 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 3,950,000 shares. The stock had previously closed at GBX 3,624.50 ($48.78).

A number of brokerages recently weighed in on RIO. Goldman Sachs Group set a GBX 3,000 ($40.38) price target on shares of Rio Tinto and gave the stock a “neutral” rating in a report on Wednesday, October 18th. Credit Suisse Group boosted their price target on shares of Rio Tinto from GBX 4,000 ($53.84) to GBX 4,300 ($57.87) and gave the stock an “outperform” rating in a report on Thursday, October 26th. upped their price objective on shares of Rio Tinto from GBX 3,900 ($52.49) to GBX 4,000 ($53.84) and gave the company a “buy” rating in a report on Wednesday, October 18th. Deutsche Bank reaffirmed a “buy” rating and set a GBX 4,300 ($57.87) price objective on shares of Rio Tinto in a report on Thursday, October 5th. Finally, Macquarie reaffirmed an “outperform” rating and set a GBX 4,300 ($57.87) price objective on shares of Rio Tinto in a report on Friday, September 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of GBX 3,984.75 ($53.63).

In other Rio Tinto news, insider Christopher Lynch purchased 26,066 shares of Rio Tinto stock in a transaction on Friday, December 1st. The shares were acquired at an average cost of GBX 3,490 ($46.97) per share, for a total transaction of £909,703.40 ($1,224,365.28). Also, insider Jean-Sébastien Jacques purchased 10 shares of Rio Tinto stock in a transaction on Tuesday, October 17th. The shares were acquired at an average price of GBX 3,721 ($50.08) per share, for a total transaction of £372.10 ($500.81).

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About Rio Tinto

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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