Rio Tinto (NYSE:RIO) Upgraded to Buy at Erste Group Bank

Erste Group Bank upgraded shares of Rio Tinto (NYSE:RIO) from a hold rating to a buy rating in a research report sent to investors on Friday, MarketBeat Ratings reports.

Other analysts have also recently issued research reports about the company. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Argus increased their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Citigroup restated a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Rio Tinto in a report on Thursday. Finally, Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, January 14th. Three analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $90.37 on Friday. Rio Tinto has a 1-year low of $51.67 and a 1-year high of $90.44. The company’s fifty day simple moving average is $78.40 and its 200-day simple moving average is $69.35. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Hedge Funds Weigh In On Rio Tinto

Several hedge funds have recently modified their holdings of RIO. PFS Partners LLC bought a new position in shares of Rio Tinto during the fourth quarter worth $28,000. Trust Co. of Toledo NA OH bought a new position in shares of Rio Tinto during the 4th quarter valued at about $34,000. Salomon & Ludwin LLC boosted its holdings in shares of Rio Tinto by 62.2% during the 3rd quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after purchasing an additional 181 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Rio Tinto by 51.0% during the fourth quarter. Baillie Gifford & Co. now owns 524 shares of the mining company’s stock valued at $42,000 after purchasing an additional 177 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in shares of Rio Tinto in the third quarter worth about $36,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

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.