JPMorgan Chase & Co. Initiates Coverage on Rio Tinto Group (NYSE:RIO)

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

Other equities analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Jefferies Financial Group cut their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Stock Performance

Rio Tinto Group stock traded down $0.15 during trading hours on Tuesday, reaching $63.32. 751,776 shares of the stock were exchanged, compared to its average volume of 2,746,006. The stock has a market cap of $79.34 billion, a P/E ratio of 9.83, a P/E/G ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. Rio Tinto Group has a 52-week low of $57.85 and a 52-week high of $74.24. The firm’s 50 day moving average is $61.53 and its 200 day moving average is $62.84.

Institutional Investors Weigh In On Rio Tinto Group

A number of large investors have recently added to or reduced their stakes in RIO. Rakuten Securities Inc. boosted its stake in shares of Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock worth $29,000 after purchasing an additional 211 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Rio Tinto Group by 63.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after purchasing an additional 195 shares during the last quarter. Mechanics Financial Corp acquired a new stake in shares of Rio Tinto Group during the 4th quarter worth about $29,000. Ameriflex Group Inc. acquired a new stake in shares of Rio Tinto Group during the 4th quarter worth about $47,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Rio Tinto Group during the 4th quarter worth about $47,000. 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.