Rio Tinto PLC (NYSE:RIO) Stock Has Consensus Price Target of $103.12 According to Brokerages

Shares of Rio Tinto PLC (NYSE:RIO) have received a consensus recommendation of “Hold” from the sixteen analysts that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $103.12.

RIO has been the topic of a number of research reports. Sanford C. Bernstein raised their price objective on Rio Tinto from $88.50 to $89.50 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Argus raised shares of Rio Tinto to a “strong-buy” rating in a report on Thursday, August 20th. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Morgan Stanley assumed coverage on shares of Rio Tinto in a research note on Monday, August 24th. They issued an “underweight” rating and a $90.00 price target on the stock. Finally, Berenberg Bank set a $113.00 price target on shares of Rio Tinto in a research report on Thursday, July 30th.

Rio Tinto Stock Up 1.5%

Shares of NYSE:RIO opened at $94.23 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average price is $99.02 and its 200-day moving average price is $98.14. Rio Tinto has a 1 year low of $65.35 and a 1 year high of $112.58.

Rio Tinto Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, September 24th. Shareholders of record on Friday, August 14th were paid a $2.11 dividend. This represents a yield of 441.0%. The ex-dividend date of this dividend was Friday, August 14th.

Institutional Trading of Rio Tinto

Several large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its holdings in shares of Rio Tinto by 6.6% during the 1st quarter. Bank of America Corp DE now owns 3,623,294 shares of the mining company’s stock worth $338,017,000 after acquiring an additional 225,016 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Rio Tinto by 170.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company’s stock worth $311,023,000 after purchasing an additional 2,451,140 shares during the last quarter. Natixis Advisors LLC increased its position in 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. Altshuler Shaham Ltd acquired a new stake in Rio Tinto during the first quarter worth about $106,724,000. Finally, Milford Funds Ltd. purchased a new position in Rio Tinto during the fourth quarter worth about $93,143,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Company Profile

Rio Tinto plc is a global mining and metals company that explores for, develops, and operates mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks, and salt. The company supplies raw materials to industries such as construction, manufacturing, transportation, packaging, and renewable energy.

Rio Tinto’s iron ore business is concentrated in Western Australia’s Pilbara region, while its aluminum operations span bauxite mining, alumina refining, and aluminum smelting in several countries.