Citigroup Downgrades Rio Tinto Group (NYSE:RIO) to Neutral

Citigroup lowered shares of Rio Tinto Group (NYSE:RIO) from a buy rating to a neutral rating in a research note released on Monday morning, MarketBeat Ratings reports.

Several other equities research analysts have also recently issued reports on the stock. StockNews.com cut shares of Rio Tinto Group from a strong-buy rating to a buy rating in a research note on Monday, May 13th. Liberum Capital restated a hold rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Rio Tinto Group has a consensus rating of Moderate Buy and an average price target of $72.00.

Rio Tinto Group Trading Down 1.1 %

NYSE RIO opened at $71.42 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.17 and a current ratio of 1.69. The stock’s 50 day simple moving average is $67.08 and its 200-day simple moving average is $68.20. Rio Tinto Group has a 1-year low of $58.27 and a 1-year high of $75.09.

Institutional Investors Weigh In On Rio Tinto Group

Several hedge funds and other institutional investors have recently bought and sold shares of RIO. Wellington Management Group LLP grew its stake in shares of Rio Tinto Group by 7.1% in the 4th quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock valued at $1,849,476,000 after buying an additional 1,644,751 shares during the period. Fisher Asset Management LLC grew its position in Rio Tinto Group by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock worth $1,194,751,000 after acquiring an additional 475,329 shares during the period. Morgan Stanley grew its position in Rio Tinto Group by 2.7% in the third quarter. Morgan Stanley now owns 4,464,344 shares of the mining company’s stock worth $284,111,000 after acquiring an additional 118,706 shares during the period. Acadian Asset Management LLC raised its position in Rio Tinto Group by 5.9% in the third quarter. Acadian Asset Management LLC now owns 2,903,093 shares of the mining company’s stock valued at $184,721,000 after purchasing an additional 161,532 shares during the period. Finally, Northern Trust Corp raised its position in Rio Tinto Group by 0.9% in the third quarter. Northern Trust Corp now owns 1,893,222 shares of the mining company’s stock valued at $120,485,000 after purchasing an additional 17,401 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

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.