Shares of Rio Tinto plc (NYSE:RIO) gapped down prior to trading on Tuesday . The stock had previously closed at $59.09, but opened at $57.82. Rio Tinto shares last traded at $56.27, with a volume of 3964404 shares changing hands.
Several brokerages recently commented on RIO. JPMorgan Chase & Co. cut Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Monday, November 13th. Citigroup reiterated a “buy” rating on shares of Rio Tinto in a report on Tuesday, December 5th. HSBC cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Argus upped their target price on Rio Tinto to $61.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, Jefferies Group set a $69.00 target price on Rio Tinto and gave the company a “buy” rating in a report on Thursday, February 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $59.07.
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 issued a dividend of $1.7955 per share. This represents a dividend yield of 6.68%. This is a boost from Rio Tinto’s previous semiannual dividend of $1.26. The ex-dividend date of this dividend is Thursday, March 1st.
Several institutional investors have recently bought and sold shares of RIO. Franklin Resources Inc. boosted its holdings in shares of Rio Tinto by 6.6% during the 4th quarter. Franklin Resources Inc. now owns 15,278,793 shares of the mining company’s stock worth $808,707,000 after buying an additional 949,800 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Rio Tinto by 237.3% during the third quarter. Van ECK Associates Corp now owns 1,280,538 shares of the mining company’s stock worth $60,429,000 after purchasing an additional 900,859 shares during the period. Russell Investments Group Ltd. raised its position in shares of Rio Tinto by 124.2% during the third quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock worth $51,543,000 after purchasing an additional 605,170 shares during the period. Tide Point Capital Management LP raised its position in shares of Rio Tinto by 1,548.5% during the fourth quarter. Tide Point Capital Management LP now owns 641,851 shares of the mining company’s stock worth $33,974,000 after purchasing an additional 602,915 shares during the period. Finally, Jennison Associates LLC raised its position in shares of Rio Tinto by 35.7% during the third quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock worth $100,973,000 after purchasing an additional 563,461 shares during the period. Hedge funds and other institutional investors own 7.15% of the company’s stock.
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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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