Rio Tinto Group (NYSE:RIO) Hits New 1-Year Low – Should You Sell?

Rio Tinto Group (NYSE:RIO) shares 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 traded. The stock had previously closed at $58.19.

Analyst Ratings Changes

RIO has been the topic of a number of recent research reports. Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Jefferies Financial Group decreased their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto Group has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Performance

The firm’s fifty day moving average is $61.51 and its 200 day moving average is $63.79. The firm has a market capitalization of $73.81 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 0.38 and a beta of 0.66. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16.

Hedge Funds Weigh In On Rio Tinto Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Montreal Can grew its stake in Rio Tinto Group by 237.0% in the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after purchasing an additional 1,738,752 shares in the last quarter. Philip James Wealth Mangement LLC acquired a new stake in shares of Rio Tinto Group during the 3rd quarter valued at about $1,345,000. 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 worth $1,247,475,000 after buying an additional 485,731 shares during the last quarter. Barclays PLC raised its position in 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 acquiring an additional 232,539 shares in the last quarter. Finally, Northwest Bancshares Inc. acquired a new stake in Rio Tinto Group in the third quarter valued at approximately $1,440,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

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.