Rio Tinto PLC (NYSE:RIO) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Rio Tinto PLC (NYSE:RIO) have been assigned a consensus recommendation of “Hold” from the sixteen analysts that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, four have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $101.6250.

A number of equities analysts have commented on the stock. Royal Bank Of Canada downgraded shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, June 3rd. The Goldman Sachs Group upgraded shares of Rio Tinto from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 29th. Argus upgraded shares of Rio Tinto to a “strong-buy” rating in a research report on Thursday, August 20th. Morgan Stanley started coverage on shares of Rio Tinto in a report on Monday, August 24th. They issued an “underweight” rating and a $90.00 target price for the company. Finally, DZ Bank upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th.

Rio Tinto Trading Up 0.4%

Shares of RIO opened at $103.21 on Friday. The firm has a 50-day simple moving average of $96.87 and a 200-day simple moving average of $97.90. Rio Tinto has a fifty-two week low of $61.72 and a fifty-two week high of $112.58. The company has a current ratio of 1.42, a quick ratio of 0.93 and a debt-to-equity ratio of 0.29.

Rio Tinto Announces Dividend

The firm also recently announced a dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, August 14th will be issued a dividend of $2.11 per share. This represents a yield of 441.0%. The ex-dividend date is Friday, August 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. AdvisorNet Financial Inc grew its holdings in Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after buying an additional 181 shares during the last quarter. Timbuktu Capital Management LLC purchased a new stake in Rio Tinto during the 2nd quarter worth about $28,000. Evelyn Partners Investment Management LLP acquired a new position in Rio Tinto in the 4th quarter valued at about $34,000. V Square Quantitative Management LLC purchased a new position in Rio Tinto in the 1st quarter valued at about $35,000. Finally, Glen Eagle Advisors LLC lifted its holdings in Rio Tinto by 32.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock valued at $36,000 after purchasing an additional 110 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Company Profile

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.