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

JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group (NYSE:RIO - Get Free Report) in a research note issued to investors on Tuesday. The firm set an "overweight" rating on the mining company's stock.

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

Rio Tinto Group Trading Down 1.4 %

Shares of RIO traded down $0.91 on Tuesday, reaching $62.02. 3,703,869 shares of the company's stock were exchanged, compared to its average volume of 2,757,512. The business has a 50 day moving average price of $61.90 and a two-hundred day moving average price of $62.86. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24. The stock has a market capitalization of $77.71 billion, a P/E ratio of 9.61, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

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Hedge Funds Weigh In On Rio Tinto Group

Several institutional investors have recently modified their holdings of RIO. Deutsche Bank AG raised its holdings in 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 worth $74,341,000 after buying an additional 1,263,203 shares during the period. Dynamo Internacional Gestao DE Recursos LTDA. raised its holdings in shares of Rio Tinto Group by 119.2% during the fourth quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company's stock worth $2,423,000 after acquiring an additional 807,610 shares during the period. Paloma Partners Management Co bought a new stake in Rio Tinto Group in the 4th quarter valued at $40,032,000. Palliser Capital UK Ltd boosted its stake in Rio Tinto Group by 213.8% in the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company's stock worth $58,188,000 after purchasing an additional 674,117 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Rio Tinto Group during the 4th quarter worth about $29,606,000. Institutional investors 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.