Rio Tinto PLC (NYSE:RIO)‘s stock had its “market perform” rating reiterated by research analysts at Cowen and Company in a note issued to investors on Tuesday, July 25th. They currently have a $45.00 price objective on the mining company’s stock, down from their prior price objective of $47.00. Cowen and Company’s price target suggests a potential downside of 3.91% from the company’s previous close.
Other analysts have also issued reports about the company. Axiom Securities reissued a “sell” rating on shares of Rio Tinto PLC in a research note on Thursday, July 13th. BidaskClub raised Rio Tinto PLC from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. BNP Paribas raised Rio Tinto PLC from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 20th. Royal Bank Of Canada raised Rio Tinto PLC from an “outperform” rating to a “top pick” rating in a research note on Wednesday, May 17th. Finally, ValuEngine downgraded Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $40.50.
Shares of Rio Tinto PLC (NYSE RIO) opened at 46.83 on Tuesday. The firm’s 50-day moving average price is $42.93 and its 200 day moving average price is $41.92. The company has a market capitalization of $84.12 billion, a PE ratio of 13.65 and a beta of 0.98. Rio Tinto PLC has a one year low of $29.62 and a one year high of $47.51.
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A number of large investors have recently made changes to their positions in RIO. Bank of America Corp DE boosted its stake in shares of Rio Tinto PLC by 27.8% in the first quarter. Bank of America Corp DE now owns 2,545,963 shares of the mining company’s stock worth $103,570,000 after buying an additional 553,424 shares during the period. Jennison Associates LLC boosted its stake in shares of Rio Tinto PLC by 53.4% in the second quarter. Jennison Associates LLC now owns 1,576,255 shares of the mining company’s stock worth $66,691,000 after buying an additional 548,476 shares during the period. Neuberger Berman Group LLC purchased a new stake in shares of Rio Tinto PLC during the first quarter worth approximately $62,865,000. Nikko Asset Management Americas Inc. boosted its stake in shares of Rio Tinto PLC by 6.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,139,064 shares of the mining company’s stock worth $46,337,000 after buying an additional 71,900 shares during the period. Finally, Todd Asset Management LLC purchased a new stake in shares of Rio Tinto PLC during the first quarter worth approximately $44,378,000. 7.14% of the stock is owned by hedge funds and other institutional investors.
About Rio Tinto PLC
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.
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