Rio Tinto PLC (NYSE:RIO) Stock Has Average Target Price of $103.12

Key Points

• Analyst consensus is “Hold” for Rio Tinto, with eight hold, four buy, two strong-buy, and two sell ratings. The average 12-month price target is $103.12, compared with the stock’s reported opening price of $94.22.
• Recent analyst actions were mixed: Morgan Stanley initiated coverage with an underweight rating and a $90 target, while Argus upgraded the stock to strong buy and Zacks Research raised its rating to hold.
• Rio Tinto paid a recently declared $2.11 dividend, while institutional investors and hedge funds collectively own 19.33% of the company.

Shares of Rio Tinto PLC (NYSE:RIO - Get Free Report) have been assigned a consensus rating of "Hold" from the sixteen research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation, four have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $103.12.

Several analysts recently weighed in on RIO shares. Citigroup reissued a "neutral" rating on shares of Rio Tinto in a report on Thursday, July 9th. Morgan Stanley initiated coverage on Rio Tinto in a report on Monday, August 24th. They set an "underweight" rating and a $90.00 target price on the stock. Argus upgraded Rio Tinto to a "strong-buy" rating in a research report on Thursday, August 20th. Zacks Research upgraded Rio Tinto from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 2nd. Finally, Weiss Ratings raised Rio Tinto from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 30th.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $94.22 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.93 and a current ratio of 1.42. Rio Tinto has a 1 year low of $65.29 and a 1 year high of $112.58. The firm's 50-day simple moving average is $98.90 and its 200-day simple moving average is $98.11.

Rio Tinto Announces Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, September 24th. Shareholders of record on Friday, August 14th were issued a $2.11 dividend. This represents a yield of 441.0%. The ex-dividend date of this dividend was Friday, August 14th.

Institutional Trading of Rio Tinto

Institutional investors and hedge funds have recently modified their holdings of the business. AdvisorNet Financial Inc boosted its holdings in shares of Rio Tinto by 160.2% in the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company's stock valued at $27,000 after buying an additional 181 shares during the period. Timbuktu Capital Management LLC bought a new stake in shares of Rio Tinto during the 2nd quarter valued at about $28,000. V Square Quantitative Management LLC acquired a new stake in Rio Tinto during the first quarter worth about $35,000. Costello Asset Management INC acquired a new stake in Rio Tinto during the first quarter worth about $37,000. Finally, Evelyn Partners Investment Management LLP bought a new position in Rio Tinto in the fourth quarter worth about $34,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Company Profile

Rio Tinto plc is a global mining and metals company that explores for, develops, and operates mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks, and salt. The company supplies raw materials to industries such as construction, manufacturing, transportation, packaging, and renewable energy.

Rio Tinto's iron ore business is concentrated in Western Australia's Pilbara region, while its aluminum operations span bauxite mining, alumina refining, and aluminum smelting in several countries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.