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

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

Several other equities analysts also recently commented on RIO. HSBC upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Finally, Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. 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, the company currently has an average rating of “Moderate Buy”.

Rio Tinto Group Price Performance

NYSE:RIO traded down $1.40 during mid-day trading on Tuesday, hitting $61.20. The stock had a trading volume of 4,153,487 shares, compared to its average volume of 2,764,061. The company’s 50 day simple moving average is $65.39 and its 200 day simple moving average is $66.24. 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 twelve month low of $59.35 and a twelve month high of $75.09.

Institutional Investors Weigh In On Rio Tinto Group

A number of large investors have recently added to or reduced their stakes in RIO. Kingsview Wealth Management LLC lifted its position in Rio Tinto Group by 14.9% during the third quarter. Kingsview Wealth Management LLC now owns 5,319 shares of the mining company’s stock worth $379,000 after purchasing an additional 690 shares during the period. Cerity Partners LLC lifted its holdings in shares of Rio Tinto Group by 26.6% during the 3rd quarter. Cerity Partners LLC now owns 55,078 shares of the mining company’s stock worth $3,920,000 after acquiring an additional 11,558 shares during the period. Eagle Asset Management Inc. boosted its position in shares of Rio Tinto Group by 11.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 9,040 shares of the mining company’s stock worth $643,000 after acquiring an additional 903 shares in the last quarter. Banco Santander S.A. increased its stake in Rio Tinto Group by 6.6% in the third quarter. Banco Santander S.A. now owns 27,835 shares of the mining company’s stock valued at $1,981,000 after acquiring an additional 1,716 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Rio Tinto Group by 2.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 132,141 shares of the mining company’s stock valued at $9,404,000 after purchasing an additional 3,524 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.