Rio Tinto Group (NYSE:RIO) Price Target Lowered to $73.00 at Jefferies Financial Group

Rio Tinto Group (NYSE:RIO) had its price target reduced by Jefferies Financial Group from $83.00 to $73.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 24.57% from the stock’s current price.

Several other brokerages also recently issued reports on RIO. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Finally, Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Rio Tinto Group currently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Price Performance

Shares of RIO stock opened at $58.60 on Monday. The firm has a market capitalization of $73.42 billion, a price-to-earnings ratio of 8.51, a price-to-earnings-growth ratio of 0.38 and a beta of 0.65. Rio Tinto Group has a 12-month low of $58.19 and a 12-month high of $74.24. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The firm has a fifty day moving average of $62.24 and a 200-day moving average of $64.03.

Institutional Trading of Rio Tinto Group

A number of hedge funds and other institutional investors have recently made changes to their positions in RIO. Bank of Montreal Can increased its stake in Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after buying an additional 1,738,752 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of Rio Tinto Group in the second quarter valued at about $48,129,000. Fisher Asset Management LLC raised its holdings in Rio Tinto Group by 2.9% during the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock worth $1,247,475,000 after acquiring an additional 485,731 shares in the last quarter. Mediolanum International Funds Ltd acquired a new position in Rio Tinto Group during the third quarter valued at approximately $33,590,000. Finally, SPX Gestao de Recursos Ltda increased its position in shares of Rio Tinto Group by 1,773.2% during the 3rd quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock worth $30,384,000 after purchasing an additional 404,131 shares during the last quarter. 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.