Rio Tinto Group (NYSE:RIO) Given New $73.00 Price Target at Jefferies Financial Group

Rio Tinto Group (NYSE:RIO) had its price objective dropped by investment analysts at Jefferies Financial Group from $83.00 to $73.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. Jefferies Financial Group’s target price points to a potential upside of 24.57% from the stock’s current price.

A number of other research firms have also weighed in on RIO. Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Trading Down 0.3 %

Rio Tinto Group stock opened at $58.60 on Monday. The stock has a 50-day simple moving average of $62.24 and a 200 day simple moving average of $64.03. The stock has a market capitalization of $73.42 billion, a P/E ratio of 8.51, a PEG ratio of 0.38 and a beta of 0.65. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 52 week low of $58.19 and a 52 week high of $74.24.

Hedge Funds Weigh In On Rio Tinto Group

Several institutional investors and hedge funds have recently modified their holdings of RIO. Winch Advisory Services LLC bought a new stake in Rio Tinto Group in the 3rd quarter valued at about $26,000. GHP Investment Advisors Inc. acquired a new stake in Rio Tinto Group during the second quarter worth approximately $26,000. FSC Wealth Advisors LLC bought a new position in Rio Tinto Group during the 3rd quarter worth $28,000. Sound Income Strategies LLC raised its holdings in Rio Tinto Group by 70.9% in the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock valued at $30,000 after acquiring an additional 173 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Rio Tinto Group during the 3rd quarter valued at $38,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

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.