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

Rio Tinto Group (NYSE:RIO) had its price objective trimmed by Jefferies Financial Group from $83.00 to $73.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the mining company’s stock.

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

Rio Tinto Group Stock Down 0.4 %

Shares of RIO stock opened at $58.38 on Monday. The stock’s fifty day moving average price is $62.08 and its 200 day moving average price is $63.97. Rio Tinto Group has a 1-year low of $58.19 and a 1-year high of $74.24. The company has a market cap of $73.15 billion, a price-to-earnings ratio of 8.47, a price-to-earnings-growth ratio of 0.38 and a beta of 0.66. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16.

Hedge Funds Weigh In On Rio Tinto Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Rio Tinto Group by 12.2% during the 4th quarter. GAMMA Investing LLC now owns 1,861 shares of the mining company’s stock valued at $109,000 after acquiring an additional 203 shares during the period. SPX Gestao de Recursos Ltda lifted its position in Rio Tinto Group by 1,773.2% during the third quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock valued at $30,384,000 after purchasing an additional 404,131 shares during the period. DGS Capital Management LLC boosted its holdings in Rio Tinto Group by 22.2% in the third quarter. DGS Capital Management LLC now owns 16,797 shares of the mining company’s stock valued at $1,195,000 after purchasing an additional 3,057 shares during the last quarter. Tidal Investments LLC grew its position in Rio Tinto Group by 16.2% during the 3rd quarter. Tidal Investments LLC now owns 122,623 shares of the mining company’s stock worth $8,727,000 after purchasing an additional 17,052 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Rio Tinto Group during the 3rd quarter valued at about $218,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.