Rio Tinto (RIO) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of Rio Tinto (NYSE:RIO) from a buy rating to a hold rating in a research note published on Wednesday.
According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “
Several other equities research analysts have also recently commented on RIO. Royal Bank of Canada cut shares of Rio Tinto from a top pick rating to an outperform rating in a research report on Tuesday, August 15th. Jefferies Group set a $52.00 price objective on shares of Rio Tinto and gave the company a buy rating in a research report on Friday, August 18th. ValuEngine cut shares of Rio Tinto from a strong-buy rating to a buy rating in a research report on Friday, September 1st. Canaccord Genuity cut shares of Rio Tinto from a buy rating to a hold rating in a research report on Tuesday, September 26th. Finally, Citigroup reissued a buy rating on shares of Rio Tinto in a research report on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $51.59.
Rio Tinto (RIO) traded up $0.90 on Wednesday, reaching $48.60. 4,166,500 shares of the company traded hands, compared to its average volume of 3,250,692. Rio Tinto has a 1-year low of $37.66 and a 1-year high of $50.77. The company has a current ratio of 1.71, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31.
A number of large investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC lifted its position in Rio Tinto by 10.5% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 954,715 shares of the mining company’s stock worth $45,053,000 after buying an additional 90,656 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Rio Tinto during the 3rd quarter worth about $281,000. Public Employees Retirement System of Ohio acquired a new position in shares of Rio Tinto during the 3rd quarter worth about $7,276,000. Moors & Cabot Inc. increased its stake in shares of Rio Tinto by 24.2% during the 3rd quarter. Moors & Cabot Inc. now owns 12,418 shares of the mining company’s stock worth $591,000 after purchasing an additional 2,421 shares during the last quarter. Finally, Griffin Asset Management Inc. acquired a new position in shares of Rio Tinto during the 3rd quarter worth about $411,000. 7.20% of the stock is currently owned by hedge funds and other institutional investors.
ILLEGAL ACTIVITY NOTICE: This report was originally posted by Watch List News and is the sole property of of Watch List News. If you are accessing this report on another domain, it was illegally copied and reposted in violation of US & international copyright & trademark law. The correct version of this report can be accessed at https://www.watchlistnews.com/rio-tinto-rio-downgraded-by-zacks-investment-research-to-hold/1764255.html.
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.
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.