Rio Tinto Group (NYSE:RIO) Downgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley downgraded shares of Rio Tinto Group (NYSE:RIOGet Rating) from an overweight rating to an equal weight rating in a report published on Wednesday morning, The Fly reports.

A number of other equities analysts have also weighed in on the company. Jefferies Financial Group raised Rio Tinto Group from a hold rating to a buy rating in a research note on Tuesday, June 7th. HSBC assumed coverage on Rio Tinto Group in a research note on Friday, March 18th. They set a hold rating on the stock. Royal Bank of Canada boosted their price objective on Rio Tinto Group from GBX 5,300 ($64.92) to GBX 5,600 ($68.59) in a research note on Tuesday, April 19th. Deutsche Bank Aktiengesellschaft lowered their price objective on Rio Tinto Group from GBX 6,100 ($74.72) to GBX 6,000 ($73.49) in a research note on Thursday, May 12th. Finally, StockNews.com downgraded Rio Tinto Group from a strong-buy rating to a buy rating in a research report on Thursday, May 12th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $2,938.40.

Shares of NYSE:RIO opened at $62.71 on Wednesday. The business’s 50 day moving average price is $71.22 and its 200-day moving average price is $73.11. The company has a quick ratio of 1.50, a current ratio of 1.93 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1 year low of $59.58 and a 1 year high of $89.51.

Several hedge funds have recently bought and sold shares of RIO. EagleClaw Capital Managment LLC purchased a new stake in shares of Rio Tinto Group in the 3rd quarter valued at $2,176,000. MML Investors Services LLC raised its holdings in shares of Rio Tinto Group by 33.9% in the 3rd quarter. MML Investors Services LLC now owns 20,369 shares of the mining company’s stock valued at $1,361,000 after buying an additional 5,158 shares during the period. Maverick Capital Ltd. purchased a new stake in shares of Rio Tinto Group in the 3rd quarter valued at $70,000. LPL Financial LLC raised its holdings in shares of Rio Tinto Group by 56.1% in the 3rd quarter. LPL Financial LLC now owns 250,142 shares of the mining company’s stock valued at $16,714,000 after buying an additional 89,859 shares during the period. Finally, Two Sigma Advisers LP raised its holdings in shares of Rio Tinto Group by 1,847.2% in the 3rd quarter. Two Sigma Advisers LP now owns 140,200 shares of the mining company’s stock valued at $9,368,000 after buying an additional 133,000 shares during the period. Hedge funds and other institutional investors own 10.84% of the company’s stock.

About Rio Tinto Group (Get Rating)

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.

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