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

Rio Tinto PLC (NYSE:RIO) has been given a consensus recommendation of “Hold” by the sixteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $105.50.

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. Zacks Research lowered shares of Rio Tinto from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Sanford C. Bernstein raised their target price on Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, Argus set a $120.00 price target on Rio Tinto in a research report on Monday, April 27th.

Rio Tinto Price Performance

RIO stock opened at $101.89 on Tuesday. The firm has a 50 day moving average of $96.74 and a 200 day moving average of $96.85. 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 has a 52 week low of $60.22 and a 52 week high of $112.58.

Rio Tinto Announces Dividend

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

Institutional Investors Weigh In On Rio Tinto

A number of institutional investors and hedge funds have recently modified their holdings of RIO. AdvisorNet Financial Inc raised its position in Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after buying an additional 181 shares during the last quarter. Nvest Wealth Strategies Inc. purchased a new stake in shares of Rio Tinto in the 4th quarter valued at $28,000. V Square Quantitative Management LLC acquired a new stake in shares of Rio Tinto in the first quarter worth $35,000. Costello Asset Management INC acquired a new stake in shares of Rio Tinto in the first quarter worth $37,000. Finally, Evelyn Partners Investment Management LLP purchased a new position in shares of Rio Tinto during the fourth quarter worth $34,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.