Rio Tinto (NYSE:RIO) Stock Rating Lowered by JPMorgan Chase & Co.

Rio Tinto (NYSE:RIO) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Monday.

A number of other research analysts have also recently weighed in on the stock. Argus lifted their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Erste Group Bank raised Rio Tinto from a “hold” rating to a “buy” rating in a report on Friday, January 23rd. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Weiss Ratings raised Rio Tinto from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday, February 20th. Finally, Citigroup raised shares of Rio Tinto to a “hold” rating in a research report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Rio Tinto presently has a consensus rating of “Hold” and a consensus price target of $85.00.

Rio Tinto Trading Down 3.6%

Rio Tinto stock opened at $90.03 on Monday. Rio Tinto has a 12 month low of $51.67 and a 12 month high of $101.53. The stock has a fifty day simple moving average of $91.22 and a two-hundred day simple moving average of $76.83. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98.

Hedge Funds Weigh In On Rio Tinto

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Glen Eagle Advisors LLC lifted its stake in Rio Tinto by 32.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after purchasing an additional 110 shares in the last quarter. Wealth Quarterback LLC grew its position in shares of Rio Tinto by 1.8% in the fourth quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock valued at $523,000 after purchasing an additional 118 shares in the last quarter. Americana Partners LLC increased its holdings in shares of Rio Tinto by 0.8% in the fourth quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after purchasing an additional 120 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in Rio Tinto by 19.1% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock worth $62,000 after buying an additional 124 shares in the last quarter. Finally, Bailard Inc. lifted its position in Rio Tinto by 1.1% during the fourth quarter. Bailard Inc. now owns 12,306 shares of the mining company’s stock worth $985,000 after buying an additional 128 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.