Rio Tinto (NYSE:RIO) Stock Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Rio Tinto shares crossed above their 200-day moving average of $98, reaching $98.37 before last trading at $97.11.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $103.12; recent recommendations range from “strong buy” to “underperform.”
• The company announced a dividend of $2.11 per share, while institutional investors and hedge funds own approximately 19.33% of Rio Tinto’s stock.

Shares of Rio Tinto PLC (NYSE:RIO - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $98.00 and traded as high as $98.37. Rio Tinto shares last traded at $97.11, with a volume of 1,102,473 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RIO shares. Sanford C. Bernstein lifted their target price on Rio Tinto from $88.50 to $89.50 and gave the stock an "outperform" rating in a report on Wednesday, September 9th. DZ Bank upgraded shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Morgan Stanley began coverage on shares of Rio Tinto in a report on Monday, August 24th. They issued an "underweight" rating and a $90.00 price objective for the company. Royal Bank Of Canada lowered shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a research report on Wednesday, June 3rd. Finally, Zacks Research raised shares of Rio Tinto from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $103.12.

Rio Tinto Stock Performance

The firm's fifty day simple moving average is $98.44 and its 200 day simple moving average is $98.00. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29.

Rio Tinto Dividend Announcement

The firm also recently announced a dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, August 14th will be paid a dividend of $2.11 per share. The ex-dividend date is Friday, August 14th. This represents a yield of 441.0%.

Institutional Investors Weigh In On Rio Tinto

Hedge funds have recently modified their holdings of the company. Miramontes Capital LLC grew its holdings in Rio Tinto by 1.7% during the 2nd quarter. Miramontes Capital LLC now owns 5,863 shares of the mining company's stock worth $557,000 after acquiring an additional 99 shares during the last quarter. Tidal Investments LLC lifted its holdings in Rio Tinto by 17.9% in the second quarter. Tidal Investments LLC now owns 115,936 shares of the mining company's stock valued at $11,006,000 after buying an additional 17,597 shares during the period. Engineers Gate Manager LP bought a new stake in Rio Tinto during the second quarter valued at $3,957,000. Cidel Asset Management Inc. boosted its position in Rio Tinto by 101.1% during the second quarter. Cidel Asset Management Inc. now owns 241,718 shares of the mining company's stock valued at $22,946,000 after acquiring an additional 121,537 shares during the last quarter. Finally, NorthRock Partners LLC grew its holdings in Rio Tinto by 19.1% during the 2nd quarter. NorthRock Partners LLC now owns 2,624 shares of the mining company's stock worth $249,000 after acquiring an additional 420 shares during the period. Institutional investors and hedge funds own 19.33% of the company's stock.

About Rio Tinto

Rio Tinto plc is a global mining and metals company with operations and projects spanning approximately 35 countries. Founded in 1873, the company operates through a dual-listed structure in the United Kingdom and Australia, with its American depositary receipts traded on the New York Stock Exchange under the symbol RIO.

The company explores, develops and produces a range of mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks and diamonds.

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