Rio Tinto (NYSE:RIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $61.00 price target on the mining company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.48% from the stock’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. “
Other analysts have also recently issued reports about the company. Jefferies Group restated a “buy” rating and issued a $68.00 price target on shares of Rio Tinto in a research note on Monday, April 9th. BNP Paribas restated a “neutral” rating on shares of Rio Tinto in a research note on Friday, April 6th. Argus raised their price target on Rio Tinto to $61.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. UBS restated a “buy” rating on shares of Rio Tinto in a research note on Monday, March 5th. Finally, Cowen restated a “market perform” rating and issued a $61.00 price target (up from $54.00) on shares of Rio Tinto in a research note on Thursday, January 18th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.73.
Rio Tinto stock opened at $54.23 on Tuesday. Rio Tinto has a 1-year low of $37.66 and a 1-year high of $59.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.40 and a current ratio of 1.71. The firm has a market capitalization of $73,084.42, a price-to-earnings ratio of 11.32 and a beta of 1.14.
Rio Tinto announced that its board has approved a share buyback program on Wednesday, February 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the mining company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. increased its position in shares of Rio Tinto by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 15,278,793 shares of the mining company’s stock worth $808,707,000 after purchasing an additional 949,800 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Rio Tinto by 63.2% during the fourth quarter. Millennium Management LLC now owns 1,022,195 shares of the mining company’s stock worth $54,105,000 after buying an additional 395,984 shares during the last quarter. Parametric Portfolio Associates LLC grew its holdings in shares of Rio Tinto by 10.5% during the third quarter. Parametric Portfolio Associates LLC now owns 954,715 shares of the mining company’s stock worth $45,053,000 after buying an additional 90,656 shares during the last quarter. Eaton Vance Management grew its holdings in shares of Rio Tinto by 75.2% during the fourth quarter. Eaton Vance Management now owns 790,941 shares of the mining company’s stock worth $41,864,000 after buying an additional 339,489 shares during the last quarter. Finally, Minneapolis Portfolio Management Group LLC grew its holdings in shares of Rio Tinto by 2.2% during the fourth quarter. Minneapolis Portfolio Management Group LLC now owns 705,509 shares of the mining company’s stock worth $37,343,000 after buying an additional 15,145 shares during the last quarter. Institutional investors and hedge funds own 7.20% of the company’s stock.
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Rio Tinto Company Profile
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.
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