Rio Tinto PLC (NYSE:RIO) Given Average Recommendation of "Hold" by Analysts

Key Points

• Analysts collectively rate Rio Tinto “Hold,” with three sell, six hold, six buy and one strong-buy recommendation. The average 12-month price target is $105.50, slightly above the stock’s reported $101.89 price.
• Recent analyst actions have been mixed but include downgrades from RBC, Bank of America and Morgan Stanley, while Berenberg set a $113 price target and Weiss Ratings upgraded the stock.
• Rio Tinto shares were up 0.8%, and institutional investors own 19.33% of the company. The miner also declared a $2.11 dividend payable September 24 to shareholders of record August 14.

Shares of Rio Tinto PLC (NYSE:RIO - Get Free Report) have earned a consensus rating of "Hold" from the sixteen brokerages that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $105.50.

RIO has been the topic of several research reports. Berenberg Bank set a $113.00 price objective on shares of Rio Tinto in a report on Thursday, July 30th. Royal Bank Of Canada lowered Rio Tinto from a "sector perform" rating to an "underperform" rating in a report on Wednesday, June 3rd. Weiss Ratings raised Rio Tinto from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 30th. Bank of America downgraded Rio Tinto from a "buy" rating to a "neutral" rating in a report on Friday, May 22nd. Finally, Morgan Stanley lowered Rio Tinto from an "equal weight" rating to an "underweight" rating in a research report on Wednesday, July 8th.

Institutional Trading of Rio Tinto

Several hedge funds have recently modified their holdings of RIO. Cubist Systematic Strategies LLC purchased a new stake in shares of Rio Tinto during the 1st quarter valued at $84,000. AQR Capital Management LLC grew its stake in Rio Tinto by 78.4% during the 1st quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company's stock worth $726,000 after buying an additional 5,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Rio Tinto by 20.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company's stock worth $690,000 after buying an additional 1,968 shares during the last quarter. Empowered Funds LLC increased its position in Rio Tinto by 5.8% during the 1st quarter. Empowered Funds LLC now owns 5,280 shares of the mining company's stock valued at $317,000 after buying an additional 288 shares in the last quarter. Finally, Focus Partners Wealth increased its position in Rio Tinto by 16.7% during the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company's stock valued at $962,000 after buying an additional 2,285 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Trading Up 0.8%

NYSE:RIO opened at $101.89 on Tuesday. Rio Tinto has a one year low of $60.22 and a one year high of $112.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.93 and a current ratio of 1.42. The firm has a 50-day simple moving average of $96.74 and a 200-day simple moving average of $96.85.

Rio Tinto Announces Dividend

The business also recently announced a dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, August 14th will be paid a $2.11 dividend. This represents a yield of 438.0%. The ex-dividend date is Friday, August 14th.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company's activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source