New Buy Rating for Rio Tinto Limited (RTNTF), the Basic Materials Giant

In a report released today, Bob Brackett from Bernstein maintained a Buy rating on Rio Tinto Limited, with a price target of A$127.50. The company’s shares closed last Friday at $79.23.

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Brackett covers the Basic Materials sector, focusing on stocks such as Freeport-McMoRan, Barrick Mining, and Antofagasta. According to TipRanks, Brackett has an average return of 13.2% and a 61.75% success rate on recommended stocks.

Rio Tinto Limited has an analyst consensus of Moderate Buy, with a price target consensus of $81.40, implying a 2.74% upside from current levels. In a report released on October 2, J.P. Morgan also maintained a Buy rating on the stock with a A$137.00 price target.

Based on Rio Tinto Limited’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $26.87 billion and a net profit of $4.53 billion. In comparison, last year the company earned a revenue of $26.8 billion and had a net profit of $5.81 billion

Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RTNTF in relation to earlier this year.