JPMorgan Chase & Co. Begins Coverage on Rio Tinto Group (NYSE:RIO)

Research analysts at JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group (NYSE:RIO) in a research note issued on Tuesday. The firm set an “overweight” rating on the mining company’s stock.

Other equities research analysts also recently issued research reports about the company. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Jefferies Financial Group reduced their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Performance

Rio Tinto Group stock opened at $63.88 on Tuesday. The company has a market capitalization of $80.04 billion, a price-to-earnings ratio of 9.90, a PEG ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. Rio Tinto Group has a fifty-two week low of $57.85 and a fifty-two week high of $74.24. The stock has a fifty day moving average of $61.76 and a two-hundred day moving average of $62.85.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jeppson Wealth Management LLC increased its position in shares of Rio Tinto Group by 47.5% during the fourth quarter. Jeppson Wealth Management LLC now owns 20,093 shares of the mining company’s stock worth $1,182,000 after acquiring an additional 6,473 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after buying an additional 485,731 shares during the last quarter. Northwest Bancshares Inc. bought a new stake in Rio Tinto Group in the third quarter valued at about $1,440,000. Barclays PLC grew its holdings in shares of Rio Tinto Group by 225.6% during the third quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock valued at $23,888,000 after purchasing an additional 232,539 shares during the last quarter. Finally, Marshall Financial Group LLC bought a new position in shares of Rio Tinto Group during the fourth quarter valued at approximately $810,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Company Profile

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.