Zacks Investment Research upgraded shares of Rio Tinto (NYSE:RIO) from a sell rating to a hold rating in a report published on Tuesday.
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. “
Several other research analysts have also commented on RIO. Argus lifted their price target on Rio Tinto to $61.00 and gave the stock a buy rating in a research report on Wednesday, February 14th. Jefferies Group set a $69.00 price target on Rio Tinto and gave the stock a buy rating in a research report on Thursday, February 15th. Bank of America lowered Rio Tinto from a buy rating to a neutral rating in a research report on Tuesday. Cowen reaffirmed a market perform rating and set a $61.00 price target (up previously from $54.00) on shares of Rio Tinto in a research report on Thursday, January 18th. Finally, HSBC lowered Rio Tinto from a buy rating to a hold rating in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. Rio Tinto currently has a consensus rating of Hold and an average target price of $59.07.
Rio Tinto (NYSE RIO) opened at $56.27 on Tuesday. The company has a market capitalization of $101,260.00, a P/E ratio of 11.53 and a beta of 1.09. Rio Tinto has a 12-month low of $37.66 and a 12-month high of $59.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.40 and a current ratio of 1.71.
The business also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 2nd will be issued a $1.7955 dividend. The ex-dividend date is Thursday, March 1st. This represents a dividend yield of 6.68%. This is a positive change from Rio Tinto’s previous semiannual dividend of $1.26. Rio Tinto’s payout ratio is presently 48.57%.
Large investors have recently added to or reduced their stakes in the company. Zions Bancorporation increased its holdings in shares of Rio Tinto by 2,992.2% in the third quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after purchasing an additional 2,304 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Rio Tinto by 212.1% in the second quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after purchasing an additional 2,166 shares during the period. Advisor Partners LLC acquired a new position in shares of Rio Tinto in the fourth quarter valued at approximately $219,000. Mackenzie Financial Corp acquired a new position in shares of Rio Tinto in the fourth quarter valued at approximately $212,000. Finally, Adviser Investments LLC acquired a new position in shares of Rio Tinto in the third quarter valued at approximately $207,000. 7.15% of the stock is currently owned by institutional investors and hedge funds.
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About Rio Tinto
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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