Rio Tinto PLC (NYSE:RIO) Given a $47.00 Price Target at Cowen and Company

Rio Tinto PLC (NYSE:RIO) received a $47.00 target price from investment analysts at Cowen and Company in a research report issued on Monday, October 16th. The firm currently has a “hold” rating on the mining company’s stock. Cowen and Company’s price target suggests a potential downside of 0.95% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Rio Tinto PLC from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 5th. ValuEngine downgraded shares of Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Royal Bank Of Canada downgraded shares of Rio Tinto PLC from a “top pick” rating to an “outperform” rating in a research report on Tuesday, August 15th. Bank of America Corporation raised shares of Rio Tinto PLC from an “underperform” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Jefferies Group LLC set a $55.00 target price on shares of Rio Tinto PLC and gave the stock a “buy” rating in a research report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Rio Tinto PLC presently has a consensus rating of “Buy” and an average price target of $50.07.

Shares of Rio Tinto PLC (NYSE:RIO) opened at 47.45 on Monday. The stock’s 50 day moving average price is $48.26 and its 200 day moving average price is $44.05. Rio Tinto PLC has a one year low of $33.91 and a one year high of $50.77. The stock has a market cap of $85.07 billion, a price-to-earnings ratio of 13.83 and a beta of 0.95.

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A number of hedge funds and other institutional investors have recently modified their holdings of RIO. Neuberger Berman Group LLC lifted its position in Rio Tinto PLC by 49.9% during the 2nd quarter. Neuberger Berman Group LLC now owns 2,316,097 shares of the mining company’s stock worth $97,994,000 after buying an additional 770,750 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in Rio Tinto PLC during the 1st quarter worth about $28,772,000. Dimensional Fund Advisors LP lifted its position in Rio Tinto PLC by 34.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,149,655 shares of the mining company’s stock worth $90,952,000 after buying an additional 554,656 shares in the last quarter. Jennison Associates LLC lifted its position in Rio Tinto PLC by 53.4% during the 2nd quarter. Jennison Associates LLC now owns 1,576,255 shares of the mining company’s stock worth $66,691,000 after buying an additional 548,476 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in Rio Tinto PLC during the 2nd quarter worth about $21,563,000. Institutional investors and hedge funds own 6.93% of the company’s stock.

About Rio Tinto PLC

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

Analyst Recommendations for Rio Tinto PLC (NYSE:RIO)

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