Rio Tinto Group (NYSE:RIO) Receives $73.00 Consensus Price Target from Brokerages

Rio Tinto Group (NYSE:RIO) has earned an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $73.00.

RIO has been the topic of a number of research reports. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th. Jefferies Financial Group reduced their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Finally, Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd.

Rio Tinto Group Trading Up 0.2 %

Shares of RIO stock opened at $60.48 on Monday. The stock’s 50-day moving average price is $61.30 and its 200-day moving average price is $63.66. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. The stock has a market capitalization of $75.78 billion, a price-to-earnings ratio of 8.78, a price-to-earnings-growth ratio of 0.38 and a beta of 0.66. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Fisher Asset Management LLC grew its holdings in Rio Tinto Group by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after purchasing an additional 485,731 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Rio Tinto Group by 237.0% during the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after buying an additional 1,738,752 shares during the last quarter. FMR LLC raised its holdings in shares of Rio Tinto Group by 35.1% in the third quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after buying an additional 358,630 shares during the period. Palliser Capital UK Ltd lifted its stake in shares of Rio Tinto Group by 213.8% during the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock worth $58,188,000 after acquiring an additional 674,117 shares during the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in Rio Tinto Group by 9.8% during the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock valued at $66,341,000 after acquiring an additional 83,569 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.