Rio Tinto (NYSE:RIO) Shares Gap Down to $57.08

Rio Tinto plc ADR (NYSE:RIO) shares gapped down before the market opened on Thursday . The stock had previously closed at $58.93, but opened at $57.08. Rio Tinto shares last traded at $54.53, with a volume of 3,637,375 shares.

Several brokerages recently weighed in on RIO. Investec downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th. Credit Suisse Group downgraded shares of Rio Tinto from a “neutral” rating to an “underperform” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Rio Tinto in a research note on Tuesday. Renaissance Capital downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Finally, Liberum Capital downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Seven research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. Rio Tinto presently has a consensus rating of “Hold” and a consensus target price of $59.77.

The firm’s 50-day moving average is $60.44. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.98 and a quick ratio of 1.65. The stock has a market capitalization of $69.36 billion, a P/E ratio of 10.76 and a beta of 0.81.

Large investors have recently made changes to their positions in the business. Personal Wealth Partners purchased a new stake in shares of Rio Tinto in the 2nd quarter valued at approximately $25,000. First Bank & Trust acquired a new position in shares of Rio Tinto in the 1st quarter valued at $29,000. Financial Gravity Wealth Inc. acquired a new position in shares of Rio Tinto in the 1st quarter valued at $29,000. Liberty Wealth Management LLC boosted its holdings in shares of Rio Tinto by 238.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 491 shares of the mining company’s stock valued at $31,000 after buying an additional 346 shares in the last quarter. Finally, Arrow Financial Corp acquired a new position in shares of Rio Tinto in the 2nd quarter valued at $34,000. 8.60% of the stock is currently owned by institutional investors.

Rio Tinto Company Profile (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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