Rio Tinto (NYSE:RIO) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Rio Tinto (NYSE:RIO) from a strong-buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “

RIO has been the topic of several other reports. Morgan Stanley restated an equal weight rating on shares of Rio Tinto in a report on Tuesday, May 26th. Bank of America raised shares of Rio Tinto from a neutral rating to a buy rating in a research note on Friday, May 29th. Societe Generale reissued a buy rating on shares of Rio Tinto in a research note on Thursday, April 23rd. JPMorgan Chase & Co. reaffirmed a neutral rating on shares of Rio Tinto in a research report on Wednesday, July 15th. Finally, ValuEngine lowered Rio Tinto from a sell rating to a strong sell rating in a research report on Friday, July 24th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $64.50.

NYSE:RIO remained flat at $$61.04 on Wednesday. The company’s stock had a trading volume of 3,109,873 shares, compared to its average volume of 1,943,182. Rio Tinto has a 1 year low of $35.35 and a 1 year high of $62.94. The stock’s fifty day moving average price is $58.39 and its 200-day moving average price is $52.12. The stock has a market cap of $76.18 billion, a price-to-earnings ratio of 9.64 and a beta of 0.65. The company has a current ratio of 1.61, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 17th. Investors of record on Friday, August 7th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a dividend yield of 6.3%. Rio Tinto’s dividend payout ratio is presently 72.99%.

A number of hedge funds and other institutional investors have recently bought and sold shares of RIO. Comerica Bank grew its position in shares of Rio Tinto by 8.0% in the 2nd quarter. Comerica Bank now owns 72,031 shares of the mining company’s stock valued at $4,426,000 after acquiring an additional 5,316 shares during the period. Kovack Advisors Inc. grew its holdings in Rio Tinto by 23.1% during the second quarter. Kovack Advisors Inc. now owns 8,000 shares of the mining company’s stock worth $449,000 after purchasing an additional 1,500 shares during the period. Shilanski & Associates Inc. increased its position in Rio Tinto by 6.9% during the second quarter. Shilanski & Associates Inc. now owns 71,551 shares of the mining company’s stock worth $4,020,000 after buying an additional 4,633 shares during the last quarter. Altium Wealth Management LLC raised its stake in Rio Tinto by 33.6% in the second quarter. Altium Wealth Management LLC now owns 9,948 shares of the mining company’s stock valued at $559,000 after buying an additional 2,503 shares during the period. Finally, Park Avenue Securities LLC acquired a new stake in shares of Rio Tinto in the second quarter valued at approximately $312,000. 7.51% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Company Profile

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.

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