Rio Tinto Group (NYSE:RIO) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Rio Tinto Group (NYSE:RIO) have earned a consensus rating of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company.

Several analysts have weighed in on the company. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Finally, Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd.

Rio Tinto Group Trading Down 3.4 %

Shares of RIO stock opened at $59.34 on Thursday. Rio Tinto Group has a 52-week low of $59.19 and a 52-week high of $75.09. The business’s fifty day moving average is $63.89 and its 200 day moving average is $64.77. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Hedge Funds Weigh In On Rio Tinto Group

Several institutional investors have recently modified their holdings of the company. Bank of Montreal Can lifted its position in Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after buying an additional 1,738,752 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Rio Tinto Group during the second quarter worth approximately $48,129,000. Fisher Asset Management LLC lifted its holdings in shares of Rio Tinto Group by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock worth $1,247,475,000 after acquiring an additional 485,731 shares during the last quarter. Mediolanum International Funds Ltd purchased a new stake in shares of Rio Tinto Group in the 3rd quarter valued at $33,590,000. Finally, SPX Gestao de Recursos Ltda grew its holdings in shares of Rio Tinto Group by 1,773.2% during the 3rd quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock valued at $30,384,000 after purchasing an additional 404,131 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.

About Rio Tinto Group

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.