Sanford C. Bernstein Lowers Rio Tinto (NYSE:RIO) Price Target to $77.00

Rio Tinto (NYSE:RIO) had its price target reduced by stock analysts at Sanford C. Bernstein from $83.00 to $77.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the mining company’s stock. Sanford C. Bernstein’s price objective suggests a potential downside of 13.42% from the company’s current price.

RIO has been the topic of a number of other research reports. Argus lifted their target price on Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. downgraded Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday. Barclays lowered shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Tuesday, February 24th. Erste Group Bank raised shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, DZ Bank cut shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Rio Tinto has a consensus rating of “Hold” and a consensus price target of $81.00.

Rio Tinto Stock Performance

Shares of RIO stock traded down $1.27 during trading on Monday, hitting $88.94. 2,110,639 shares of the stock traded hands, compared to its average volume of 4,197,147. Rio Tinto has a 52-week low of $51.67 and a 52-week high of $101.53. The firm’s fifty day moving average price is $91.22 and its 200-day moving average price is $76.83. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33.

Hedge Funds Weigh In On Rio Tinto

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Advisors Inc. OK boosted its stake in Rio Tinto by 20.6% in the third quarter. Capital Advisors Inc. OK now owns 520,428 shares of the mining company’s stock valued at $34,353,000 after acquiring an additional 89,069 shares in the last quarter. QSM Asset Management Ltd acquired a new stake in shares of Rio Tinto in the 3rd quarter valued at about $11,509,000. Campbell & CO Investment Adviser LLC grew its stake in Rio Tinto by 479.6% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 144,553 shares of the mining company’s stock worth $9,542,000 after buying an additional 119,614 shares during the last quarter. Synergy Asset Management LLC increased its position in Rio Tinto by 272.2% during the third quarter. Synergy Asset Management LLC now owns 205,418 shares of the mining company’s stock worth $12,712,000 after buying an additional 150,234 shares during the period. Finally, Caprock Group LLC acquired a new position in Rio Tinto during the third quarter worth approximately $1,416,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.