Rio Tinto PLC (NYSE:RIO) gapped up before the market opened on Thursday . The stock had previously closed at $30.48, but opened at $30.80. Rio Tinto PLC shares last traded at $31.47, with a volume of 2,263,266 shares traded.

Several brokerages have issued reports on RIO. Axiom Securities reiterated a “sell” rating on shares of Rio Tinto PLC in a research note on Monday, May 23rd. Deutsche Bank AG reissued a “buy” rating on shares of Rio Tinto PLC in a research report on Friday, April 1st. Citigroup Inc. downgraded shares of Rio Tinto PLC from a “neutral” rating to a “sell” rating in a research report on Monday, April 18th. Vetr raised shares of Rio Tinto PLC from a “buy” rating to a “strong-buy” rating and set a $33.97 price objective for the company in a research report on Monday, May 9th. Finally, Jefferies Group reissued a “buy” rating on shares of Rio Tinto PLC in a research report on Thursday, July 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $35.25.

The stock’s market cap is $56.38 billion. The company’s 50 day moving average price is $30.33 and its 200-day moving average price is $28.66.

Several hedge funds and institutional investors have recently modified their holdings of RIO. Morgan Stanley increased its position in shares of Rio Tinto PLC by 24.2% in the fourth quarter. Morgan Stanley now owns 1,156,480 shares of the mining company’s stock valued at $33,677,000 after buying an additional 225,384 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Rio Tinto PLC by 33.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 445,951 shares of the mining company’s stock valued at $12,986,000 after buying an additional 112,290 shares during the last quarter. Boston Partners purchased a new position in shares of Rio Tinto PLC during the fourth quarter valued at approximately $2,517,000. Finally, Jennison Associates LLC increased its position in shares of Rio Tinto PLC by 3.6% in the fourth quarter. Jennison Associates LLC now owns 1,297,016 shares of the mining company’s stock valued at $37,769,000 after buying an additional 45,254 shares during the last quarter.

Rio Tinto plc (Rio Tinto) is an international mining company. Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, gold, industrial minerals (borates, titanium dioxide and salt), iron ore, thermal and metallurgical coal and uranium.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.