Today’s Stock On Watch: Could Rio Tinto plc (ADR) Change Direction After Touching 52-Week High?

Today's Stock On Watch: Could Rio Tinto plc (ADR) Change Direction After Touching 52 Week High?

The stock of Rio Tinto plc (ADR) (NYSE:RIO) hit a new 52-week high and has $49.55 target or 29.00% above today’s $38.41 share price. The 7 months bullish chart indicates low risk for the $72.83B company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $49.55 price target is reached, the company will be worth $21.12B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 3.87 million shares traded hands or 6.61% up from the average. Rio Tinto plc (ADR) (NYSE:RIO) has risen 32.64% since April 7, 2016 and is uptrending. It has outperformed by 27.86% the S&P500.

Rio Tinto plc (ADR) (NYSE:RIO) Ratings Coverage

Out of 16 analysts covering Rio Tinto (NYSE:RIO), 7 rate it a “Buy”, 5 “Sell”, while 4 “Hold”. This means 44% are positive. Rio Tinto has been the topic of 25 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The company was upgraded on Friday, August 7 by Macquarie Research. The rating was upgraded by RBC Capital Markets to “Outperform” on Thursday, September 8. Axiom Capital initiated it with “Neutral” rating and $26 target price in Friday, August 21 report. The firm has “Overweight” rating by JP Morgan given on Monday, September 12. The stock of Rio Tinto plc (ADR) (NYSE:RIO) has “Market Perform” rating given on Thursday, October 29 by Cowen & Co. Investec upgraded Rio Tinto plc (ADR) (NYSE:RIO) on Friday, October 30 to “Buy” rating. The rating was initiated by RBC Capital Markets with “Underperform” on Tuesday, February 9. Argus Research initiated Rio Tinto plc (ADR) (NYSE:RIO) rating on Wednesday, March 30. Argus Research has “Buy” rating and $36 price target. Societe Generale upgraded Rio Tinto plc (ADR) (NYSE:RIO) on Friday, October 2 to “Buy” rating. The stock of Rio Tinto plc (ADR) (NYSE:RIO) has “Overweight” rating given on Wednesday, October 7 by Morgan Stanley.

According to Zacks Investment Research, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada.”

More news for Rio Tinto plc (ADR) (NYSE:RIO) were recently published by: Businessfinancenews.com, which released: “Rio Tinto plc (ADR) to Go Underground After Open-Pit Copper Extraction at Oyu …” on May 07, 2016. Businessfinancenews.com‘s article titled: “Rio Tinto plc (ADR) Opens Its Any and All Notes Buyback Offer for One Week” and published on April 22, 2016 is yet another important article.

RIO Company Profile

Rio Tinto plc, incorporated on March 30, 1962, is a mining company. The Firm focuses on finding, mining, processing and marketing the Earth’s mineral resources. The Company’s divisions include aluminum, copper & coal, diamonds & minerals, iron ore and Other Operations.

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