Rio Tinto (NYSE:RIO) Reaches New 1-Year High – What’s Next?

by · The Markets Daily

Rio Tinto PLC (NYSE:RIO – Get Free Report)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $74.22 and last traded at $74.3380, with a volume of 3327363 shares. The stock had previously closed at $72.34.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RIO shares. Citigroup reissued a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a report on Monday. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Rio Tinto presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Check Out Our Latest Stock Report on RIO

Rio Tinto Stock Up 2.9%

The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The firm’s fifty day moving average price is $69.17 and its two-hundred day moving average price is $63.69.

Institutional Investors Weigh In On Rio Tinto

Several hedge funds have recently modified their holdings of RIO. Pandora Wealth Inc. acquired a new position in Rio Tinto in the 1st quarter worth about $30,000. Salomon & Ludwin LLC increased its position in shares of Rio Tinto by 62.2% in the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after buying an additional 181 shares in the last quarter. Root Financial Partners LLC acquired a new position in shares of Rio Tinto during the 3rd quarter worth approximately $36,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Rio Tinto during the 2nd quarter valued at approximately $38,000. Finally, Triumph Capital Management purchased a new position in shares of Rio Tinto during the 3rd quarter valued at approximately $38,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

About Rio Tinto

(Get Free Report)

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.

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