StockNews.com Downgrades Rio Tinto Group (NYSE:RIO) to Buy

StockNews.com downgraded shares of Rio Tinto Group (NYSE:RIO) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning.

Several other equities research analysts also recently issued reports on the stock. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. Finally, HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

Shares of NYSE:RIO opened at $60.98 on Tuesday. The company has a 50 day moving average of $65.44 and a two-hundred day moving average of $66.05. Rio Tinto Group has a 52-week low of $59.35 and a 52-week high of $75.09. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23.

Hedge Funds Weigh In On Rio Tinto Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. GHP Investment Advisors Inc. acquired a new position in Rio Tinto Group during the 2nd quarter worth $26,000. Winch Advisory Services LLC bought a new stake in shares of Rio Tinto Group during the third quarter valued at about $26,000. FSC Wealth Advisors LLC acquired a new stake in Rio Tinto Group in the third quarter worth about $28,000. Sound Income Strategies LLC grew its position in Rio Tinto Group by 70.9% in the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock valued at $30,000 after buying an additional 173 shares in the last quarter. Finally, Centerpoint Advisors LLC increased its stake in Rio Tinto Group by 110.0% during the 2nd quarter. Centerpoint Advisors LLC now owns 525 shares of the mining company’s stock valued at $35,000 after buying an additional 275 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.