Rio Tinto (NYSE:RIO) Upgraded to Hold at Citigroup

Citigroup upgraded shares of Rio Tinto (NYSE:RIO) to a hold rating in a report released on Tuesday morning,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday, December 29th. HSBC cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Morgan Stanley downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 28th. Finally, Erste Group Bank upgraded Rio Tinto from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Stock Performance

NYSE:RIO opened at $99.44 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average price is $84.43 and its 200-day moving average price is $72.43. Rio Tinto has a 1-year low of $51.67 and a 1-year high of $99.77.

Institutional Trading of Rio Tinto

Institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership acquired a new position in Rio Tinto in the 3rd quarter valued at $94,737,000. Deutsche Bank AG grew its holdings in shares of Rio Tinto by 102.6% during the fourth quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company’s stock worth $177,421,000 after buying an additional 1,122,667 shares in the last quarter. Natixis Advisors LLC raised its position in shares of Rio Tinto by 144.7% in the fourth quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company’s stock valued at $127,039,000 after buying an additional 938,687 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Rio Tinto in the second quarter worth about $49,089,000. Finally, Bank of Montreal Can boosted its position in Rio Tinto by 71.7% during the second quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock worth $108,238,000 after acquiring an additional 774,851 shares during the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

About Rio Tinto

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.