Rio Tinto (NYSE:RIO) Rating Increased to Buy at Erste Group Bank

Rio Tinto (NYSE:RIO) was upgraded by Erste Group Bank from a “hold” rating to a “buy” rating in a report issued on Friday, MarketBeat Ratings reports.

Several other research firms also recently weighed in on RIO. Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, January 14th. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Thursday. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Finally, Argus upped their price target on Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Three research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $85.00.

Rio Tinto Stock Up 2.8%

Rio Tinto stock traded up $2.41 during mid-day trading on Friday, hitting $89.71. The company’s stock had a trading volume of 1,437,733 shares, compared to its average volume of 4,512,695. Rio Tinto has a twelve month low of $51.67 and a twelve month high of $89.78. The stock’s fifty day moving average price is $78.01 and its two-hundred day moving average price is $69.12. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Hedge Funds Weigh In On Rio Tinto

Several large investors have recently bought and sold shares of RIO. PFS Partners LLC bought a new position in shares of Rio Tinto during the fourth quarter worth $28,000. Salomon & Ludwin LLC raised its stake in Rio Tinto by 62.2% during the 3rd quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock worth $31,000 after buying an additional 181 shares during the period. Trust Co. of Toledo NA OH bought a new position in Rio Tinto during the fourth quarter worth about $34,000. Root Financial Partners LLC bought a new position in Rio Tinto during the third quarter worth about $36,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Rio Tinto in the second quarter valued at about $38,000. 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.