Rio Tinto Group (NYSE:RIO) Upgraded to “Strong-Buy” at StockNews.com

Rio Tinto Group (NYSE:RIO) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Friday.

Several other brokerages also recently issued reports on RIO. Jefferies Financial Group reduced their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Finally, Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Trading Up 2.0 %

Shares of Rio Tinto Group stock traded up $1.21 during trading on Friday, hitting $61.00. 4,696,896 shares of the company were exchanged, compared to its average volume of 3,790,702. The firm has a 50 day moving average price of $61.05 and a 200 day moving average price of $63.61. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a fifty-two week low of $57.85 and a fifty-two week high of $74.24.

Institutional Trading of Rio Tinto Group

A number of hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its holdings in shares of Rio Tinto Group by 4.2% during the 2nd quarter. Rhumbline Advisers now owns 23,872 shares of the mining company’s stock worth $1,574,000 after acquiring an additional 962 shares during the period. American Century Companies Inc. raised its stake in Rio Tinto Group by 6.5% during the second quarter. American Century Companies Inc. now owns 238,110 shares of the mining company’s stock worth $15,699,000 after purchasing an additional 14,506 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Rio Tinto Group by 3.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 128,617 shares of the mining company’s stock valued at $8,480,000 after purchasing an additional 4,023 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Rio Tinto Group by 78.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock valued at $56,565,000 after buying an additional 376,778 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its holdings in shares of Rio Tinto Group by 6.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 84,390 shares of the mining company’s stock worth $5,564,000 after buying an additional 5,364 shares during the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

About Rio Tinto Group

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.