Rio Tinto PLC (NYSE:RIO) Receives $73.00 Average PT from Brokerages

Shares of Rio Tinto PLC (NYSE:RIO) have been given a consensus recommendation of “Moderate Buy” by the twelve brokerages that are covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $73.00.

A number of brokerages have commented on RIO. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 1st. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Zacks Research cut Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Rio Tinto in a research note on Monday, December 1st. Finally, Citigroup restated a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th.

Rio Tinto Stock Performance

Rio Tinto stock opened at $73.01 on Thursday. Rio Tinto has a 52 week low of $51.67 and a 52 week high of $74.53. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average price of $69.70 and a 200 day moving average price of $63.92.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Arkadios Wealth Advisors boosted its position in Rio Tinto by 70.3% during the first quarter. Arkadios Wealth Advisors now owns 6,347 shares of the mining company’s stock worth $381,000 after purchasing an additional 2,619 shares during the period. Commerce Bank boosted its holdings in shares of Rio Tinto by 7.9% during the 1st quarter. Commerce Bank now owns 6,040 shares of the mining company’s stock worth $363,000 after buying an additional 442 shares during the period. PNC Financial Services Group Inc. raised its holdings in Rio Tinto by 4.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 51,590 shares of the mining company’s stock worth $3,100,000 after acquiring an additional 1,984 shares during the period. Bank of Nova Scotia acquired a new position in Rio Tinto during the 1st quarter worth $1,589,000. Finally, Atria Wealth Solutions Inc. boosted its holdings in Rio Tinto by 6.8% during the first quarter. Atria Wealth Solutions Inc. now owns 3,784 shares of the mining company’s stock valued at $229,000 after acquiring an additional 241 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

About Rio Tinto

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.