Rio Tinto Group (NYSE:RIO) Hits New 12-Month Low - What's Next?

Shares of Rio Tinto Group (NYSE:RIO - Get Free Report) reached a new 52-week low this Wednesday. The stock dipped to a low of $59.27 before closing at $59.33, with a trading volume of 2,658,848 shares. This is down from a previous closing price of $61.46.

Recent Analyst Changes

Recently, various equities research analysts have shared their insights on Rio Tinto Group's stock. Berenberg Bank upgraded the company from a "hold" rating to a "buy" rating on October 2nd. In contrast, StockNews.com adjusted their rating from a "strong-buy" to a "buy" as of November 12th. Macquarie maintained a "neutral" stance on the stock as of October 16th. In total, four analysts recommend holding the stock, four suggest buying, and one has a strong buy rating, leading to an overall average rating of "Moderate Buy" according to MarketBeat data.

Stock Performance Overview

The stock of Rio Tinto Group is currently down by 3.4%. It has a debt-to-equity ratio of 0.23, a current ratio of 1.70, and a quick ratio of 1.16. The fifty-day moving average price stands at $64.03, while the 200-day average is $64.81.

Institutional Interest

Several hedge funds and institutional investors have recently engaged with Rio Tinto Group's stock. For example, Winch Advisory Services LLC acquired a new stake during the third quarter, valued at approximately $26,000. Similarly, GHP Investment Advisors Inc. entered the market with a new position of the same value. FSC Wealth Advisors LLC and Sound Income Strategies LLC acquired shares valued around $28,000 and $30,000 respectively. Moreover, Centerpoint Advisors LLC more than doubled its holdings, increasing ownership to 525 shares worth $35,000 after buying an additional 275 shares. Currently, 19.33% of Rio Tinto Group's shares are held by institutional investors and hedge funds.

About Rio Tinto Group

Rio Tinto Group is involved in exploring, mining, and processing various mineral resources around the globe. Its operations are categorized into Iron Ore, Aluminium, Copper, and Minerals segments. The Iron Ore segment is primarily engaged in mining iron ore and producing salt and gypsum in Western Australia, while the Aluminium segment focuses on bauxite mining, alumina refining, and aluminium smelting.

Conclusion

The future of Rio Tinto Group remains to be seen as analysts adjust their ratings, and institutional investments fluctuate. Stakeholders and potential investors will be keeping a close watch on market responses and further developments from the company.

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