Zacks Investment Research Lowers Rio Tinto (RIO) to Strong Sell

Zacks Investment Research downgraded shares of Rio Tinto (NYSE:RIO) from a hold rating to a strong sell rating in a research note published on Saturday.

According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “

RIO has been the topic of several other research reports. JPMorgan Chase & Co. cut Rio Tinto from an overweight rating to a neutral rating in a research note on Monday, November 13th. Citigroup restated a buy rating on shares of Rio Tinto in a report on Tuesday, December 5th. HSBC lowered Rio Tinto from a buy rating to a hold rating in a report on Tuesday, January 16th. Royal Bank of Canada lowered Rio Tinto from an outperform rating to a sector perform rating and upped their target price for the stock from $47.87 to $48.37 in a report on Monday, October 23rd. Finally, Cowen set a $47.00 target price on Rio Tinto and gave the stock a hold rating in a report on Monday, October 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $55.09.

Rio Tinto (RIO) opened at $55.19 on Friday. Rio Tinto has a 52 week low of $37.66 and a 52 week high of $57.78. The stock has a market capitalization of $97,420.00, a P/E ratio of 11.31 and a beta of 1.09. The company has a quick ratio of 1.40, a current ratio of 1.71 and a debt-to-equity ratio of 0.30.

The business also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 2nd will be issued a dividend of $1.7955 per share. The ex-dividend date is Thursday, March 1st. This represents a yield of 6.68%. This is a positive change from Rio Tinto’s previous semiannual dividend of $1.26. Rio Tinto’s dividend payout ratio is currently 48.57%.

A number of institutional investors have recently bought and sold shares of the business. Spectrum Asset Management Inc. NB CA purchased a new stake in Rio Tinto during the fourth quarter worth $1,264,000. Princeton Capital Management LLC purchased a new stake in shares of Rio Tinto during the 4th quarter valued at $321,000. Liberty Mutual Group Asset Management Inc. purchased a new stake in shares of Rio Tinto during the 4th quarter valued at $752,000. Columbia Partners L L C Investment Management purchased a new stake in shares of Rio Tinto during the 4th quarter valued at $1,314,000. Finally, Madison Investment Holdings Inc. lifted its holdings in shares of Rio Tinto by 15.2% during the 4th quarter. Madison Investment Holdings Inc. now owns 321,985 shares of the mining company’s stock valued at $17,043,000 after purchasing an additional 42,590 shares during the last quarter. Institutional investors own 7.24% of the company’s stock.

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Rio Tinto Company Profile

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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