Rio Tinto (NYSE:RIO) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Rio Tinto (NYSE:RIO) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday,Zacks reports.

A number of other equities analysts also recently commented on RIO. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. Berenberg Bank set a $113.00 target price on Rio Tinto in a report on Thursday, July 30th. DZ Bank raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Weiss Ratings upgraded Rio Tinto from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 30th. Finally, The Goldman Sachs Group upgraded Rio Tinto from a “neutral” rating to a “buy” rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $101.62.

Rio Tinto Stock Up 0.1%

Shares of Rio Tinto stock opened at $102.87 on Wednesday. The stock’s 50 day simple moving average is $96.69 and its 200-day simple moving average is $97.86. Rio Tinto has a 1-year low of $61.72 and a 1-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.

Rio Tinto Announces Dividend

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

Institutional Investors Weigh In On Rio Tinto

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC increased its position in Rio Tinto by 45.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 164,527 shares of the mining company’s stock valued at $13,167,000 after acquiring an additional 51,327 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Rio Tinto by 34.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 57,478 shares of the mining company’s stock valued at $5,362,000 after purchasing an additional 14,776 shares during the last quarter. Cullen Capital Management LLC increased its holdings in shares of Rio Tinto by 72.2% in the fourth quarter. Cullen Capital Management LLC now owns 498,868 shares of the mining company’s stock valued at $39,924,000 after purchasing an additional 209,107 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in shares of Rio Tinto in the second quarter valued at approximately $3,364,000. Finally, Natixis Advisors LLC raised its stake in shares of Rio Tinto by 144.7% during the fourth quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company’s stock worth $127,039,000 after purchasing an additional 938,687 shares during the last quarter. 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.