Rio Tinto (NYSE:RIO) Sets New 1-Year High - What's Next?

Key Points

• Rio Tinto's shares reached a 52-week high of $68.18, closing at $68.60, with a trading volume of over 211,000 shares.
• Analysts have a consensus rating of "Moderate Buy" for Rio Tinto, with an average price target of $73.00, while three analysts have rated it as a Strong Buy.
• The firm announced a semi-annual dividend of $1.48 per share, which equates to a significant dividend yield of 620.0%.

Shares of Rio Tinto PLC (NYSE:RIO - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $68.18 and last traded at $68.60, with a volume of 211326 shares traded. The stock had previously closed at $67.70.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rio Tinto in a research report on Wednesday. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday. Barclays restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Finally, Zacks Research raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Rio Tinto currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Performance

The company has a market capitalization of $84.03 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 4.65 and a beta of 0.66. The firm's fifty day simple moving average is $62.90 and its 200 day simple moving average is $60.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03.

Rio Tinto Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, August 15th were paid 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 presently 45.74%.

Hedge Funds Weigh In On Rio Tinto

Institutional investors and hedge funds have recently bought and sold shares of the business. Wayfinding Financial LLC acquired a new stake in Rio Tinto during the first quarter worth about $30,000. Pandora Wealth Inc. purchased a new stake in shares of Rio Tinto during the 1st quarter valued at approximately $30,000. Alpine Bank Wealth Management acquired a new position in Rio Tinto in the first quarter valued at approximately $30,000. Bfsg LLC grew its position in Rio Tinto by 5,754.5% in the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after acquiring an additional 633 shares during the period. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Rio Tinto during the second quarter worth $38,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

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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