Jefferies Group set a $69.00 target price on Rio Tinto (NYSE:RIO) in a research report sent to investors on Thursday. The firm currently has a buy rating on the mining company’s stock.
A number of other research firms also recently issued reports on RIO. Zacks Investment Research downgraded shares of Rio Tinto from a hold rating to a strong sell rating in a report on Saturday, February 10th. Societe Generale upgraded shares of Rio Tinto from a hold rating to a buy rating in a report on Wednesday, November 8th. JPMorgan Chase & Co. cut shares of Rio Tinto from an overweight rating to a neutral rating in a research report on Thursday, December 14th. Cowen reaffirmed a market perform rating and set a $61.00 price target (up from $54.00) on shares of Rio Tinto in a research report on Thursday, January 18th. Finally, Argus lifted their price target on shares of Rio Tinto to $61.00 and gave the company a buy rating in a research report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $59.07.
Shares of Rio Tinto (NYSE RIO) opened at $57.82 on Thursday. Rio Tinto has a twelve month low of $37.66 and a twelve month high of $59.25. 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 firm also recently declared a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 2nd will be given a dividend of $1.7955 per share. This represents a yield of 6.68%. This is a boost from Rio Tinto’s previous semiannual dividend of $1.26. The ex-dividend date is Thursday, March 1st.
Hedge funds have recently made changes to their positions in the business. Zions Bancorporation lifted its position in shares of Rio Tinto by 2,992.2% during the third quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock worth $112,000 after purchasing an additional 2,304 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Rio Tinto by 212.1% during the second quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock worth $135,000 after purchasing an additional 2,166 shares in the last quarter. Adviser Investments LLC acquired a new position in shares of Rio Tinto during the third quarter worth $207,000. Boston Private Wealth LLC acquired a new position in shares of Rio Tinto during the third quarter worth $207,000. Finally, Telos Capital Management Inc. acquired a new position in shares of Rio Tinto during the third quarter worth $211,000. 7.24% of the stock is currently owned by hedge funds and other institutional investors.
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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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