Rio Tinto (NYSE:RIO) Shares Gap Up to $50.95

Rio Tinto plc ADR (NYSE:RIO)’s share price gapped up before the market opened on Monday . The stock had previously closed at $49.76, but opened at $50.95. Rio Tinto shares last traded at $51.88, with a volume of 3,325,284 shares changing hands.

A number of brokerages recently weighed in on RIO. BMO Capital Markets upgraded shares of Rio Tinto from a “market perform” rating to an “outperform” rating in a research report on Tuesday, September 3rd. Deutsche Bank restated a “neutral” rating on shares of Rio Tinto in a research report on Friday. Liberum Capital downgraded shares of Rio Tinto from a “hold” rating to a “sell” rating in a research report on Thursday, August 22nd. Investec upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Finally, Jefferies Financial Group upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Friday, October 11th. Seven research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $59.08.

The stock’s fifty day simple moving average is $51.83 and its 200 day simple moving average is $56.41. The company has a quick ratio of 1.22, a current ratio of 1.55 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $64.58 billion, a PE ratio of 10.23 and a beta of 0.86.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hudock Capital Group LLC grew its stake in Rio Tinto by 5.2% during the second quarter. Hudock Capital Group LLC now owns 3,667 shares of the mining company’s stock valued at $228,000 after acquiring an additional 181 shares in the last quarter. AdvisorNet Financial Inc lifted its position in Rio Tinto by 11.8% during the second quarter. AdvisorNet Financial Inc now owns 2,090 shares of the mining company’s stock valued at $130,000 after purchasing an additional 220 shares during the last quarter. JNBA Financial Advisors lifted its position in Rio Tinto by 15.4% during the second quarter. JNBA Financial Advisors now owns 1,662 shares of the mining company’s stock valued at $104,000 after purchasing an additional 222 shares during the last quarter. Hamilton Point Investment Advisors LLC lifted its position in Rio Tinto by 0.7% during the second quarter. Hamilton Point Investment Advisors LLC now owns 35,218 shares of the mining company’s stock valued at $2,196,000 after purchasing an additional 230 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its position in Rio Tinto by 1.5% during the second quarter. Cullen Frost Bankers Inc. now owns 16,289 shares of the mining company’s stock valued at $1,016,000 after purchasing an additional 235 shares during the last quarter. 8.21% of the stock is owned by institutional investors.

About Rio Tinto (NYSE:RIO)

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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