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

Shares of Rio Tinto Group (NYSE:RIO) have been assigned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $73.00.

Several equities analysts have commented on the stock. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 25th. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Finally, Jefferies Financial Group lowered their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, January 6th.

Rio Tinto Group Trading Down 0.4 %

NYSE RIO opened at $61.96 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The firm has a 50 day simple moving average of $60.72 and a 200-day simple moving average of $63.00. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24.

Hedge Funds Weigh In On Rio Tinto Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Winch Advisory Services LLC acquired a new position in shares of Rio Tinto Group during the 3rd quarter worth about $26,000. FSC Wealth Advisors LLC purchased a new position in shares of Rio Tinto Group in the 3rd quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in Rio Tinto Group by 63.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Sound Income Strategies LLC lifted its position 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 acquiring an additional 173 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Rio Tinto Group in the third quarter valued at $38,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.