Rio Tinto (NYSE:RIO) Cut to Hold at Erste Group Bank

Rio Tinto (NYSE:RIO) was downgraded by equities researchers at Erste Group Bank from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, MarketBeat reports.

Several other equities research analysts have also issued reports on the company. Zacks Research lowered Rio Tinto from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. Argus upgraded Rio Tinto to a “strong-buy” rating in a research note on Thursday, August 20th. Weiss Ratings upgraded Rio Tinto from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. Bank of America cut Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Finally, Morgan Stanley assumed coverage on Rio Tinto in a research note on Monday. They issued an “underweight” rating and a $90.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $101.62.

Rio Tinto Stock Down 0.0%

Rio Tinto stock traded down $0.03 during midday trading on Thursday, hitting $104.67. 996,106 shares of the stock were exchanged, compared to its average volume of 3,112,127. Rio Tinto has a 52-week low of $61.40 and a 52-week high of $112.58. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $96.01 and its 200-day moving average price is $97.61.

Institutional Investors Weigh In On Rio Tinto

Institutional investors have recently made changes to their positions in the business. Glen Eagle Advisors LLC grew its stake in shares of Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after acquiring an additional 110 shares in the last quarter. Asset Allocation Strategies LLC raised its stake in shares of Rio Tinto by 4.0% in the second quarter. Asset Allocation Strategies LLC now owns 3,010 shares of the mining company’s stock valued at $286,000 after acquiring an additional 117 shares in the last quarter. Trust Point Inc. boosted its holdings in Rio Tinto by 2.0% in the second quarter. Trust Point Inc. now owns 5,989 shares of the mining company’s stock valued at $569,000 after purchasing an additional 118 shares during the period. Americana Partners LLC grew its stake in Rio Tinto by 0.8% during the 4th quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock worth $1,289,000 after purchasing an additional 120 shares in the last quarter. Finally, Walker Asset Management LLC increased its holdings in Rio Tinto by 2.5% during the 2nd quarter. Walker Asset Management LLC now owns 4,866 shares of the mining company’s stock worth $462,000 after purchasing an additional 120 shares during the period. 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.