Rio Tinto plc (NYSE:RIO) – Analysts at Jefferies Group raised their FY2018 earnings estimates for shares of Rio Tinto in a research report issued to clients and investors on Thursday. Jefferies Group analyst C. Lafemina now forecasts that the mining company will post earnings of $5.02 per share for the year, up from their previous estimate of $4.45. Jefferies Group currently has a “Buy” rating and a $69.00 target price on the stock. Jefferies Group also issued estimates for Rio Tinto’s FY2019 earnings at $5.04 EPS and FY2020 earnings at $4.82 EPS.
RIO has been the topic of several other reports. JPMorgan Chase & Co. lowered Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Monday, November 13th. Citigroup reaffirmed a “buy” rating on shares of Rio Tinto in a research note on Tuesday, December 5th. Royal Bank of Canada lowered Rio Tinto from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $47.87 to $48.37 in a research note on Monday, October 23rd. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Finally, Argus raised their price objective on Rio Tinto to $61.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $59.07.
The company also recently declared a semiannual dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 2nd will be paid a dividend of $1.7955 per share. This represents a dividend yield of 6.68%. This is a positive change from Rio Tinto’s previous semiannual dividend of $1.26. The ex-dividend date of this dividend is Thursday, March 1st. Rio Tinto’s dividend payout ratio (DPR) is presently 48.57%.
Several hedge funds have recently made changes to their positions in RIO. Franklin Resources Inc. boosted its stake in shares of Rio Tinto by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 15,278,793 shares of the mining company’s stock valued at $808,707,000 after purchasing an additional 949,800 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Rio Tinto by 237.3% during the third quarter. Van ECK Associates Corp now owns 1,280,538 shares of the mining company’s stock valued at $60,429,000 after purchasing an additional 900,859 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Rio Tinto by 124.2% during the third quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock valued at $51,543,000 after purchasing an additional 605,170 shares in the last quarter. Tide Point Capital Management LP raised its position in shares of Rio Tinto by 1,548.5% during the fourth quarter. Tide Point Capital Management LP now owns 641,851 shares of the mining company’s stock worth $33,974,000 after acquiring an additional 602,915 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Rio Tinto by 35.7% during the third quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock worth $100,973,000 after acquiring an additional 563,461 shares during the last quarter. 7.15% of the stock is currently owned by hedge funds and other institutional investors.
About Rio Tinto
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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