Rio Tinto (NYSE:RIO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday, Zacks.com reports. The firm presently has a $72.00 target price on the mining company’s stock. Zacks Investment Research‘s target price points to a potential upside of 17.96% from the company’s current price.
According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “
A number of other analysts have also recently commented on the stock. ValuEngine cut shares of Rio Tinto from a “sell” rating to a “strong sell” rating in a research report on Friday, July 24th. Exane BNP Paribas cut shares of Rio Tinto from an “outperform” rating to a “neutral” rating in a research report on Friday, June 5th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Rio Tinto in a research note on Thursday. BNP Paribas lowered shares of Rio Tinto from an “outperform” rating to a “neutral” rating in a research note on Friday, June 5th. Finally, Goldman Sachs Group lowered shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 7th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Rio Tinto currently has a consensus rating of “Hold” and an average price target of $64.50.
Several institutional investors have recently bought and sold shares of RIO. Marshall Wace LLP acquired a new position in shares of Rio Tinto during the 1st quarter worth about $393,000. FMR LLC lifted its stake in Rio Tinto by 0.4% in the 1st quarter. FMR LLC now owns 291,222 shares of the mining company’s stock valued at $17,138,000 after purchasing an additional 1,027 shares during the last quarter. First Trust Advisors LP lifted its stake in Rio Tinto by 3.5% in the 1st quarter. First Trust Advisors LP now owns 86,103 shares of the mining company’s stock valued at $5,067,000 after purchasing an additional 2,938 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in Rio Tinto by 23.2% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,344 shares of the mining company’s stock valued at $712,000 after purchasing an additional 2,323 shares during the last quarter. Finally, Brinker Capital Inc. acquired a new stake in Rio Tinto in the 4th quarter valued at about $404,000. Institutional investors own 7.51% of the company’s stock.
About Rio Tinto
Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.
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