Analysts Set Rio Tinto Group (NYSE:RIO) PT at $73.00

Shares of Rio Tinto Group (NYSE:RIO) have been given a consensus rating of “Moderate Buy” by the eight brokerages that are currently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $73.00.

RIO has been the topic of several research analyst reports. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Jefferies Financial Group reduced their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday. Finally, Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd.

Rio Tinto Group Stock Up 2.0 %

Shares of Rio Tinto Group stock opened at $61.00 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. The company’s fifty day simple moving average is $60.98 and its two-hundred day simple moving average is $63.56.

Hedge Funds Weigh In On Rio Tinto Group

Several large investors have recently made changes to their positions in the business. IVC Wealth Advisors LLC increased its position in Rio Tinto Group by 6.4% during the 4th quarter. IVC Wealth Advisors LLC now owns 10,204 shares of the mining company’s stock valued at $600,000 after buying an additional 618 shares in the last quarter. Avior Wealth Management LLC increased its holdings in shares of Rio Tinto Group by 28.6% during the fourth quarter. Avior Wealth Management LLC now owns 5,729 shares of the mining company’s stock valued at $337,000 after acquiring an additional 1,275 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Rio Tinto Group by 242.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 288,075 shares of the mining company’s stock worth $16,942,000 after purchasing an additional 204,059 shares during the last quarter. SG Americas Securities LLC boosted its stake in Rio Tinto Group by 71.4% in the 4th quarter. SG Americas Securities LLC now owns 5,594 shares of the mining company’s stock worth $329,000 after purchasing an additional 2,331 shares in the last quarter. Finally, Davis Capital Management grew its position in Rio Tinto Group by 6.8% during the 4th quarter. Davis Capital Management now owns 14,828 shares of the mining company’s stock valued at $872,000 after purchasing an additional 939 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other 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.