HSBC downgraded shares of Rio Tinto (NYSE:RIO) from a buy rating to a hold rating in a report released on Tuesday morning, The Fly reports.

Several other analysts have also recently weighed in on RIO. Citigroup reiterated a buy rating on shares of Rio Tinto in a research note on Thursday, September 28th. Canaccord Genuity cut shares of Rio Tinto from a buy rating to a hold rating in a research note on Tuesday, September 26th. Cowen set a $47.00 price objective on shares of Rio Tinto and gave the stock a hold rating in a research note on Monday, October 16th. Zacks Investment Research cut shares of Rio Tinto from a buy rating to a hold rating in a research note on Thursday, January 4th. Finally, Clarkson Capital cut shares of Rio Tinto from a buy rating to a neutral rating in a research note on Monday, October 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $55.09.

Shares of Rio Tinto (NYSE RIO) traded down $0.19 during trading on Tuesday, reaching $56.05. 2,510,689 shares of the company’s stock traded hands, compared to its average volume of 2,806,646. Rio Tinto has a twelve month low of $37.66 and a twelve month high of $57.78. The company has a quick ratio of 1.34, a current ratio of 1.71 and a debt-to-equity ratio of 0.31. The firm has a market cap of $100,220.00, a PE ratio of 16.34 and a beta of 1.01.

Several large investors have recently modified their holdings of RIO. First Trust Advisors LP raised its position in shares of Rio Tinto by 46.4% in the 2nd quarter. First Trust Advisors LP now owns 21,647 shares of the mining company’s stock valued at $916,000 after buying an additional 6,857 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Rio Tinto by 2.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 94,055 shares of the mining company’s stock valued at $3,980,000 after buying an additional 2,637 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Rio Tinto by 120.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,753 shares of the mining company’s stock valued at $159,000 after buying an additional 2,048 shares in the last quarter. Stevens Capital Management LP acquired a new position in shares of Rio Tinto in the 2nd quarter valued at approximately $1,078,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Rio Tinto by 3.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 22,040 shares of the mining company’s stock valued at $933,000 after buying an additional 686 shares in the last quarter. Institutional investors own 7.24% of the company’s stock.

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Rio Tinto Company Profile

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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Analyst Recommendations for Rio Tinto (NYSE:RIO)

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