Rio Tinto Group (NYSE:RIO) Upgraded by StockNews.com to Strong-Buy Rating

Rio Tinto Group (NYSE:RIO) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued on Friday.

RIO has been the topic of several other reports. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 27th. Jefferies Financial Group reduced their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $73.00.

Rio Tinto Group Price Performance

Shares of Rio Tinto Group stock traded down $3.78 during trading on Friday, reaching $54.66. The company’s stock had a trading volume of 8,784,422 shares, compared to its average volume of 2,855,147. Rio Tinto Group has a one year low of $53.98 and a one year high of $74.24. The stock has a 50-day moving average price of $61.82 and a two-hundred day moving average price of $62.82. 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 market capitalization of $68.54 billion, a P/E ratio of 8.47, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60.

Hedge Funds Weigh In On Rio Tinto Group

Several hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Rio Tinto Group by 63.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock valued at $29,000 after acquiring an additional 195 shares during the last quarter. Rakuten Securities Inc. grew its holdings in Rio Tinto Group by 74.8% during the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after purchasing an additional 211 shares during the period. Mechanics Financial Corp acquired a new stake in Rio Tinto Group in the fourth quarter worth $29,000. Golden State Wealth Management LLC bought a new position in shares of Rio Tinto Group during the fourth quarter worth $47,000. Finally, Ameriflex Group Inc. bought a new position in shares of Rio Tinto Group during the fourth quarter worth $47,000. 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.