HSBC Lowers Rio Tinto (RIO) to Hold

Rio Tinto (NYSE:RIO) was downgraded by stock analysts at HSBC from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, The Fly reports.

RIO has been the topic of several other reports. JPMorgan Chase & Co. lowered shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Monday, November 13th. Citigroup reaffirmed a “buy” rating on shares of Rio Tinto in a report on Tuesday, December 5th. Royal Bank of Canada lowered shares of Rio Tinto from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $47.87 to $48.37 in a report on Monday, October 23rd. Cowen set a $47.00 price target on shares of Rio Tinto and gave the company a “hold” rating in a report on Monday, October 16th. Finally, Zacks Investment Research raised shares of Rio Tinto from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. Rio Tinto currently has a consensus rating of “Hold” and a consensus target price of $51.59.

Rio Tinto (RIO) traded up $0.43 during mid-day trading on Tuesday, reaching $57.67. 2,364,000 shares of the company’s stock traded hands, compared to its average volume of 2,858,200. The company has a current ratio of 1.71, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31. Rio Tinto has a 52-week low of $37.66 and a 52-week high of $57.78. The company has a market cap of $101,290.00, a price-to-earnings ratio of 16.81 and a beta of 1.01.

A number of large investors have recently bought and sold shares of RIO. Van ECK Associates Corp boosted its position in Rio Tinto by 237.3% during the 3rd quarter. Van ECK Associates Corp now owns 1,280,538 shares of the mining company’s stock worth $60,429,000 after buying an additional 900,859 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Rio Tinto by 124.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock worth $51,543,000 after purchasing an additional 605,170 shares during the period. Jennison Associates LLC lifted its position in shares of Rio Tinto by 35.7% in the 3rd quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock worth $100,973,000 after purchasing an additional 563,461 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Rio Tinto by 34.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,149,655 shares of the mining company’s stock worth $90,952,000 after purchasing an additional 554,656 shares during the period. Finally, Barometer Capital Management Inc. acquired a new position in shares of Rio Tinto in the 3rd quarter worth approximately $19,213,000. Institutional investors and hedge funds own 7.24% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The correct version of this piece of content can be read at https://sportsperspectives.com/2018/01/16/hsbc-lowers-rio-tinto-rio-to-hold.html.

Rio Tinto Company Profile

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.

The Fly

Analyst Recommendations for Rio Tinto (NYSE:RIO)

Receive News & Ratings for Rio Tinto Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rio Tinto and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply