Rio Tinto Group (NYSE:RIO) Coverage Initiated at JPMorgan Chase & Co.

Research analysts at JPMorgan Chase & Co. assumed coverage on shares of Rio Tinto Group (NYSE:RIO) in a report issued on Tuesday. The firm set an “overweight” rating on the mining company’s stock.

RIO has been the subject of several other reports. Jefferies Financial Group reduced their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. Finally, StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Down 0.4 %

NYSE:RIO opened at $63.88 on Tuesday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average of $61.76 and a 200-day moving average of $62.85. The firm has a market capitalization of $80.04 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 52 week low of $57.85 and a 52 week high of $74.24.

Institutional Investors Weigh In On Rio Tinto Group

A number of institutional investors and hedge funds have recently modified their holdings of RIO. Deutsche Bank AG lifted its position in shares of Rio Tinto Group by 143,872.8% during the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company’s stock valued at $74,341,000 after acquiring an additional 1,263,203 shares during the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. lifted its holdings in shares of Rio Tinto Group by 119.2% in the fourth quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company’s stock valued at $2,423,000 after purchasing an additional 807,610 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Rio Tinto Group in the fourth quarter valued at $40,032,000. Palliser Capital UK Ltd lifted its holdings in shares of Rio Tinto Group by 213.8% in the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after purchasing an additional 674,117 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Rio Tinto Group in the fourth quarter valued at $29,606,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.