Rio Tinto (RIO) Downgraded by J P Morgan Chase & Co to “Neutral”

J P Morgan Chase & Co cut shares of Rio Tinto (NYSE:RIO) from an overweight rating to a neutral rating in a research note issued to investors on Thursday, The Fly reports.

RIO has been the topic of several other research reports. Royal Bank of Canada cut shares of Rio Tinto from an outperform rating to a sector perform rating and lifted their target price for the stock from $47.87 to $48.37 in a research note on Monday, October 23rd. ValuEngine cut shares of Rio Tinto from a strong-buy rating to a buy rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of Rio Tinto from a hold rating to a strong-buy rating and set a $56.00 price target on the stock in a research report on Saturday, October 7th. Citigroup cut shares of Rio Tinto from a buy rating to a neutral rating in a research report on Tuesday, October 17th. Finally, Clarkson Capital cut shares of Rio Tinto from a buy rating to a neutral rating in a research report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. Rio Tinto has a consensus rating of Buy and an average target price of $51.59.

Shares of Rio Tinto (RIO) opened at $49.12 on Thursday. Rio Tinto has a one year low of $37.66 and a one year high of $50.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.71 and a quick ratio of 1.34.

Hedge funds have recently made changes to their positions in the company. Knowledge Leaders Capital LLC boosted its position in shares of Rio Tinto by 126.0% during the 2nd quarter. Knowledge Leaders Capital LLC now owns 2,393 shares of the mining company’s stock valued at $101,000 after acquiring an additional 1,334 shares during the last quarter. Acrospire Investment Management LLC boosted its position in shares of Rio Tinto by 13.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock valued at $110,000 after acquiring an additional 299 shares during the last quarter. Zions Bancorporation lifted its position in Rio Tinto by 2,992.2% in the third quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after buying an additional 2,304 shares during the last quarter. Hudock Capital Group LLC lifted its position in Rio Tinto by 125.4% in the second quarter. Hudock Capital Group LLC now owns 2,795 shares of the mining company’s stock valued at $118,000 after buying an additional 1,555 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Rio Tinto by 212.1% in the second quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after buying an additional 2,166 shares during the last quarter. 7.20% of the stock is currently owned by hedge funds and other institutional investors.

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About Rio Tinto

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

The Fly

Analyst Recommendations for Rio Tinto (NYSE:RIO)

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