Rio Tinto (NYSE:RIO) Hits New 52-Week High - Time to Buy?

Key Points

• Rio Tinto's share price reached a new 52-week high of $68.91, closing at $68.21, with over 5.9 million shares traded.
• Current consensus ratings for Rio Tinto show three analysts with a Strong Buy rating and a target price of $73.00.
• Rio Tinto has recently cut its dividend to $1.48 per share, yielding 620.0%, but maintains a dividend payout ratio of 45.74%.

Rio Tinto PLC (NYSE:RIO - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $68.91 and last traded at $68.21, with a volume of 5996856 shares traded. The stock had previously closed at $68.16.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Zacks Research upgraded shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Rio Tinto in a report on Wednesday, October 8th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Rio Tinto currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Stock Up 0.1%

The firm has a market capitalization of $85.55 billion, a P/E ratio of 10.58, a PEG ratio of 4.78 and a beta of 0.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The firm's 50-day moving average is $63.49 and its 200 day moving average is $60.78.

Rio Tinto Cuts Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, August 15th were given a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th. Rio Tinto's dividend payout ratio is currently 45.74%.

Hedge Funds Weigh In On Rio Tinto

Several hedge funds have recently made changes to their positions in the business. OLD National Bancorp IN bought a new stake in shares of Rio Tinto in the third quarter worth $215,000. Fourpath Capital Management LLC increased its stake in Rio Tinto by 2.7% in the 3rd quarter. Fourpath Capital Management LLC now owns 17,103 shares of the mining company's stock valued at $1,129,000 after buying an additional 456 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Rio Tinto by 20.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,283 shares of the mining company's stock worth $415,000 after buying an additional 1,048 shares in the last quarter. Juncture Wealth Strategies LLC acquired a new position in shares of Rio Tinto during the 3rd quarter worth about $458,000. Finally, Euro Pacific Asset Management LLC grew its holdings in shares of Rio Tinto by 3.3% in the 3rd quarter. Euro Pacific Asset Management LLC now owns 47,733 shares of the mining company's stock valued at $3,151,000 after acquiring an additional 1,508 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

About Rio Tinto

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.

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