Rio Tinto (NYSE:RIO) Downgraded by Royal Bank of Canada

Royal Bank of Canada lowered shares of Rio Tinto (NYSE:RIO) from a sector perform rating to an underperform rating in a report published on Tuesday, Benzinga reports.

Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Rio Tinto from an overweight rating to a neutral rating in a research note on Tuesday, December 17th. ValuEngine raised shares of Rio Tinto from a sell rating to a hold rating in a research note on Saturday, February 1st. HSBC cut shares of Rio Tinto from a buy rating to a hold rating in a research note on Thursday, December 19th. Morgan Stanley began coverage on shares of Rio Tinto in a research note on Thursday, November 7th. They issued an equal weight rating on the stock. Finally, Citigroup cut shares of Rio Tinto from a buy rating to a neutral rating in a research note on Wednesday, December 11th. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $1,070.06.

RIO traded down $0.45 during trading on Tuesday, hitting $54.42. The stock had a trading volume of 108,862 shares, compared to its average volume of 1,603,693. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.22 and a current ratio of 1.55. The firm has a market capitalization of $69.72 billion, a P/E ratio of 10.74 and a beta of 0.91. The company’s 50-day moving average price is $57.53 and its 200 day moving average price is $54.12. Rio Tinto has a twelve month low of $47.88 and a twelve month high of $64.02.

In related news, insider Clark Megan purchased 525 shares of the stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $94.33 per share, with a total value of $49,523.25.

Several large investors have recently bought and sold shares of the company. Fisher Asset Management LLC grew its stake in shares of Rio Tinto by 3.1% during the 3rd quarter. Fisher Asset Management LLC now owns 10,894,565 shares of the mining company’s stock worth $567,498,000 after purchasing an additional 327,457 shares during the period. Franklin Resources Inc. grew its stake in shares of Rio Tinto by 19.6% during the 4th quarter. Franklin Resources Inc. now owns 8,693,406 shares of the mining company’s stock worth $516,041,000 after purchasing an additional 1,425,713 shares during the period. Menora Mivtachim Holdings LTD. grew its stake in shares of Rio Tinto by 0.5% during the 4th quarter. Menora Mivtachim Holdings LTD. now owns 1,694,049 shares of the mining company’s stock worth $100,559,000 after purchasing an additional 9,000 shares during the period. Renaissance Technologies LLC grew its stake in shares of Rio Tinto by 15.2% during the 4th quarter. Renaissance Technologies LLC now owns 1,515,232 shares of the mining company’s stock worth $89,944,000 after purchasing an additional 200,300 shares during the period. Finally, Bank of Montreal Can grew its stake in shares of Rio Tinto by 41.2% during the 4th quarter. Bank of Montreal Can now owns 787,885 shares of the mining company’s stock worth $46,769,000 after purchasing an additional 229,934 shares during the period. 7.35% of the stock is currently owned by institutional investors and hedge funds.

About Rio Tinto

Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.

Featured Story: Bid-Ask Spread

Analyst Recommendations for Rio Tinto (NYSE:RIO)

Receive News & Ratings for Rio Tinto Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rio Tinto and related companies with MarketBeat.com's FREE daily email newsletter.