Cowen and Company restated their hold rating on shares of Rio Tinto plc (NYSE:RIO) in a research report released on Wednesday morning, Marketbeat reports.

Shares of Rio Tinto plc (NYSE:RIO) traded down 1.19% during midday trading on Wednesday, reaching $24.10. 4,756,933 shares of the company’s stock were exchanged. The company has a market cap of $44.01 billion and a price-to-earnings ratio of 15.26. Rio Tinto plc has a 12-month low of $21.89 and a 12-month high of $50.07. The stock’s 50 day moving average price is $26.85 and its 200 day moving average price is $34.15.

A number of hedge funds recently added to or reduced their stakes in RIO. Gavea Investimentos Ltda bought a new stake in Rio Tinto plc during the fourth quarter worth approximately $9,017,000. Wright Investors Service Inc. boosted its stake in Rio Tinto plc by 27.3% in the fourth quarter. Wright Investors Service Inc. now owns 109,580 shares of the mining company’s stock worth $3,191,000 after buying an additional 23,505 shares during the period. Simplex Trading boosted its stake in Rio Tinto plc by 227.4% in the fourth quarter. Simplex Trading now owns 10,566 shares of the mining company’s stock worth $307,000 after buying an additional 7,339 shares during the period. Finally, Creative Planning boosted its stake in Rio Tinto plc by 10.5% in the fourth quarter. Creative Planning now owns 9,803 shares of the mining company’s stock worth $285,000 after buying an additional 928 shares during the period.

Other equities analysts have also issued research reports about the stock. Investec upgraded shares of Rio Tinto plc from a hold rating to a buy rating in a research report on Friday, October 30th. Nomura restated a buy rating on shares of Rio Tinto plc in a report on Monday, October 12th. Deutsche Bank restated a buy rating on shares of Rio Tinto plc in a report on Monday, October 5th. Societe Generale upgraded shares of Rio Tinto plc from a hold rating to a buy rating in a report on Friday, October 2nd. Finally, Beaufort Securities restated a buy rating on shares of Rio Tinto plc in a report on Monday, October 19th. Six analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Rio Tinto plc has an average rating of Hold and an average target price of $36.63.

Rio Tinto plc (NYSE:RIO) is an international mining company. Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, gold, industrial minerals (borates, titanium dioxide and salt), iron ore, thermal and metallurgical coal and uranium. The Company has activities worldwide and is represented in Australia and North America with businesses in Asia, Europe, Africa and South America.

12 Month Chart for NYSE:RIO

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