Rio Tinto (RIO) Rating Lowered to Hold at Zacks Investment Research
Rio Tinto (NYSE:RIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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. “
A number of other research firms also recently commented on RIO. Royal Bank of Canada downgraded Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, July 25th. Jefferies Financial Group set a $67.00 target price on Rio Tinto and gave the company a “buy” rating in a research report on Wednesday, August 1st. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Rio Tinto in a research report on Wednesday, November 7th. ValuEngine upgraded Rio Tinto from a “sell” rating to a “hold” rating in a research report on Monday, September 24th. Finally, BMO Capital Markets reiterated a “buy” rating on shares of Rio Tinto in a research report on Tuesday, October 16th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $58.80.
Institutional investors and hedge funds have recently modified their holdings of the stock. Trust Department MB Financial Bank N A bought a new stake in Rio Tinto in the third quarter worth $102,000. Whittier Trust Co. lifted its position in Rio Tinto by 605.9% in the second quarter. Whittier Trust Co. now owns 2,047 shares of the mining company’s stock worth $111,000 after buying an additional 1,757 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Rio Tinto in the second quarter worth $166,000. Brown Advisory Inc. bought a new stake in Rio Tinto in the second quarter worth $201,000. Finally, Verition Fund Management LLC bought a new stake in Rio Tinto in the third quarter worth $213,000. Institutional investors own 7.64% of the company’s stock.
About Rio Tinto
Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, industrial minerals (borates, titanium dioxide, and salt), iron ore, thermal and metallurgical coal, and uranium, as well as sulphuric acid, rhenium, lead carbonate, and selenium.
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