J.P. Morgan Sticks to Its Hold Rating for Rio Tinto (RIO)

J.P. Morgan analyst Dominic OKane maintained a Hold rating on Rio Tinto today and set a price target of £70.30.

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OKane covers the Basic Materials sector, focusing on stocks such as Rio Tinto, BHP Group Ltd, and Glencore. According to TipRanks, OKane has an average return of 4.3% and a 58.02% success rate on recommended stocks.

In addition to J.P. Morgan, Rio Tinto also received a Hold from Barclays’s Amos Fletcher in a report issued on March 17. However, on March 11, Bank of America Securities maintained a Buy rating on Rio Tinto (LSE: RIO).

Based on Rio Tinto’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of p30.91 billion and a net profit of p5.46 billion. In comparison, last year the company earned a revenue of p26.86 billion and had a net profit of p5.74 billion

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RIO in relation to earlier this year.