Credit Suisse Group downgraded shares of Rio Tinto (LON:RIO) to a neutral rating in a research note issued to investors on Friday.
A number of other brokerages have also weighed in on RIO. Investec lowered Rio Tinto from a buy rating to a hold rating and boosted their target price for the stock from GBX 4,257 ($55.63) to GBX 4,478 ($58.51) in a research report on Friday. JPMorgan Chase & Co. set a GBX 5,050 ($65.99) target price on Rio Tinto and gave the stock a buy rating in a research report on Monday, February 4th. Royal Bank of Canada reissued an underperform rating on shares of Rio Tinto in a research report on Friday, February 1st. Deutsche Bank boosted their target price on Rio Tinto from GBX 4,100 ($53.57) to GBX 4,250 ($55.53) and gave the stock a hold rating in a research report on Thursday, January 31st. Finally, Goldman Sachs Group set a GBX 4,200 ($54.88) price target on Rio Tinto and gave the company a neutral rating in a research note on Monday, November 12th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of GBX 4,117.67 ($53.80).
LON:RIO traded down GBX 2 ($0.03) during mid-day trading on Friday, reaching GBX 4,265 ($55.73). The company’s stock had a trading volume of 4,403,098 shares, compared to its average volume of 4,860,000. Rio Tinto has a 12-month low of GBX 2,882.50 ($37.66) and a 12-month high of GBX 4,226.56 ($55.23).
In other Rio Tinto news, insider Jean-Sébastien Jacques sold 11,251 shares of the business’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of GBX 3,751 ($49.01), for a total transaction of £422,025.01 ($551,450.42). Also, insider Jakob Stausholm sold 15,000 shares of the business’s stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of GBX 3,664 ($47.88), for a total value of £549,600 ($718,149.75). Over the last 90 days, insiders have sold 26,262 shares of company stock valued at $97,204,983.
About Rio Tinto
Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, industrial minerals (borates, titanium dioxide, and salt), iron ore, thermal and metallurgical coal, and uranium, as well as sulphuric acid, rhenium, lead carbonate, and selenium.
Further Reading: What is the float in trading stocks?