Rio Tinto plc (NYSE:RIO) has been given a consensus rating of “Hold” by the nineteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $59.59.
RIO has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, December 13th. JPMorgan Chase cut shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Thursday, December 14th. HSBC cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Cowen reiterated 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 increased 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.
Several institutional investors have recently modified their holdings of RIO. Zions Bancorporation grew 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 worth $112,000 after purchasing an additional 2,304 shares during the last quarter. The Manufacturers Life Insurance Company grew 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 worth $135,000 after purchasing an additional 2,166 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Rio Tinto in the fourth quarter worth approximately $212,000. Advisor Partners LLC bought a new position in shares of Rio Tinto in the fourth quarter worth approximately $219,000. Finally, Burney Co. bought a new position in shares of Rio Tinto in the fourth quarter worth approximately $238,000. Hedge funds and other institutional investors own 7.20% of the company’s stock.
Shares of RIO opened at $50.55 on Wednesday. The company has a market capitalization of $68,087.31, a P/E ratio of 10.55 and a beta of 1.14. The company has a current ratio of 1.71, a quick ratio of 1.40 and a debt-to-equity ratio of 0.30. Rio Tinto has a 1-year low of $37.66 and a 1-year high of $59.25.
Rio Tinto declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the mining company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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 is a boost from Rio Tinto’s previous semiannual dividend of $1.26. This represents a yield of 6.68%. The ex-dividend date of this dividend is Thursday, March 1st. Rio Tinto’s dividend payout ratio (DPR) is presently 60.75%.
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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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