Rio Tinto (NYSE:RIO) Upgraded at Argus

Rio Tinto (NYSE:RIO) was upgraded by analysts at Argus to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

RIO has been the subject of several other reports. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a research note on Thursday, July 9th. Morgan Stanley lowered Rio Tinto from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, July 8th. Royal Bank Of Canada cut Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, June 3rd. DZ Bank raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Zacks Research lowered Rio Tinto from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Rio Tinto currently has an average rating of “Hold” and an average price target of $105.50.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $105.33 on Thursday. Rio Tinto has a twelve month low of $61.13 and a twelve month high of $112.58. The firm’s 50-day moving average price is $95.97 and its 200 day moving average price is $97.35. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. AdvisorNet Financial Inc grew its position in shares of Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after purchasing an additional 181 shares in the last quarter. Evelyn Partners Investment Management LLP acquired a new stake in shares of Rio Tinto in the fourth quarter valued at approximately $34,000. V Square Quantitative Management LLC purchased a new position in Rio Tinto during the first quarter worth approximately $35,000. Glen Eagle Advisors LLC lifted its position in Rio Tinto by 32.2% during the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after buying an additional 110 shares in the last quarter. Finally, Costello Asset Management INC acquired a new position in Rio Tinto during the first quarter worth $37,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.