Rio Tinto Group (NYSE:RIO) Reaches New 52-Week Low – Here’s What Happened

Shares of Rio Tinto Group (NYSE:RIO) reached a new 52-week low during trading on Thursday . The company traded as low as $57.85 and last traded at $58.62, with a volume of 6190186 shares traded. The stock had previously closed at $58.19.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RIO. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Jefferies Financial Group lowered their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Up 0.7 %

The firm’s 50 day simple moving average is $61.77 and its two-hundred day simple moving average is $63.87. The firm has a market cap of $73.45 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 0.38 and a beta of 0.66. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Institutional Investors Weigh In On Rio Tinto Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Armstrong Advisory Group Inc. increased its stake in Rio Tinto Group by 9.6% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,808 shares of the mining company’s stock worth $129,000 after acquiring an additional 159 shares during the period. Sound Income Strategies LLC raised its stake in Rio Tinto Group by 70.9% in the third quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock valued at $30,000 after purchasing an additional 173 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in Rio Tinto Group by 4.3% during the third quarter. Concurrent Investment Advisors LLC now owns 4,261 shares of the mining company’s stock worth $303,000 after purchasing an additional 175 shares during the period. Fiduciary Financial Group LLC grew its stake in Rio Tinto Group by 3.7% during the third quarter. Fiduciary Financial Group LLC now owns 4,945 shares of the mining company’s stock worth $330,000 after buying an additional 178 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its holdings in Rio Tinto Group by 1.2% in the 2nd quarter. Evergreen Capital Management LLC now owns 15,515 shares of the mining company’s stock valued at $1,023,000 after buying an additional 179 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Company Profile

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.