Brokerages Set Rio Tinto PLC (NYSE:RIO) Price Target at $73.00

Key Points

• Rio Tinto PLC has an average recommendation of "Moderate Buy" from nine analysts, with a consensus twelve-month target price of $73.00.
• Institutional investors have recently increased their stakes in Rio Tinto, with Fisher Asset Management raising its position by 4.2% in the second quarter.
• The company recently declared a semi-annual dividend of $1.48 per share, with a yield of 620.0% and a payout ratio of 45.74%.

Shares of Rio Tinto PLC (NYSE:RIO - Get Free Report) have earned an average recommendation of "Moderate Buy" from the nine research firms that are currently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $73.00.

Several brokerages have weighed in on RIO. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th.

Hedge Funds Weigh In On Rio Tinto

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

Rio Tinto Price Performance

NYSE:RIO traded up $0.29 on Friday, reaching $62.27. 3,477,480 shares of the company's stock traded hands, compared to its average volume of 2,646,921. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The stock has a 50-day simple moving average of $61.86 and a 200-day simple moving average of $60.37. The firm has a market cap of $78.10 billion, a PE ratio of 9.65 and a beta of 0.66. Rio Tinto has a 12 month low of $51.67 and a 12 month high of $72.08.

Rio Tinto Cuts Dividend

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

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.