Rio Tinto (NYSE:RIO) Stock Price Up 3.4% - Here's What Happened

Key Points

• Rio Tinto's stock price increased by 3.4%, trading as high as $66.03 on Thursday, despite a significant drop in trading volume compared to its average.
• Multiple research firms have varied ratings on Rio Tinto's stock, with Deutsche Bank downgrading it to "hold," while others like Morgan Stanley reaffirmed an "overweight" rating.
• The company announced a semi-annual dividend of $1.48 per share, boasting a high dividend yield of 620.0% with a payout ratio of 45.74%.

Rio Tinto PLC (NYSE:RIO - Get Free Report)'s stock price traded up 3.4% during trading on Thursday . The company traded as high as $65.41 and last traded at $66.03. 881,400 shares were traded during trading, a decline of 73% from the average session volume of 3,276,780 shares. The stock had previously closed at $63.87.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RIO. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Barclays reissued an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Finally, Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Rio Tinto has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Price Performance

The firm has a market capitalization of $82.37 billion, a P/E ratio of 10.19 and a beta of 0.66. The company has a fifty day moving average of $62.12 and a 200 day moving average of $60.40. 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 company also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be paid a dividend of $1.48 per share. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's dividend payout ratio is presently 45.74%.

Hedge Funds Weigh In On Rio Tinto

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

Rio Tinto Company Profile

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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