Rio Tinto Group (NYSE:RIO) Reaches New 1-Year Low – What’s Next?

Rio Tinto Group (NYSE:RIO) reached a new 52-week low on Thursday . The stock traded as low as $57.85 and last traded at $58.62, with a volume of 6190186 shares. The stock had previously closed at $58.19.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RIO. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th. Jefferies Financial Group reduced their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Stock Up 0.7 %

The stock has a market capitalization of $73.45 billion, a price-to-earnings ratio of 8.51, a price-to-earnings-growth ratio of 0.38 and a beta of 0.66. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average price of $61.77 and a 200 day moving average price of $63.87.

Institutional Investors Weigh In On Rio Tinto Group

Hedge funds have recently added to or reduced their stakes in the business. GHP Investment Advisors Inc. acquired a new position in Rio Tinto Group in the 2nd quarter valued at approximately $26,000. Winch Advisory Services LLC acquired a new stake in Rio Tinto Group in the third quarter valued at $26,000. FSC Wealth Advisors LLC acquired a new stake in Rio Tinto Group in the third quarter valued at $28,000. Sound Income Strategies LLC raised its position in Rio Tinto Group by 70.9% during the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock worth $30,000 after purchasing an additional 173 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Rio Tinto Group during the 3rd quarter worth about $38,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

About Rio Tinto Group

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.