BNP Paribas reiterated their neutral rating on shares of Rio Tinto (NYSE:RIO) in a report released on Friday.
Several other brokerages also recently weighed in on RIO. Jefferies Group set a $69.00 target price on shares of Rio Tinto and gave the stock a buy rating in a research note on Thursday, February 15th. Argus increased their target price on shares of Rio Tinto to $61.00 and gave the stock a buy rating in a research note on Wednesday, February 14th. Bank of America downgraded shares of Rio Tinto from a buy rating to a neutral rating in a research note on Tuesday, February 20th. HSBC downgraded shares of Rio Tinto from a buy rating to a hold rating in a research note on Tuesday, January 16th. Finally, Zacks Investment Research upgraded shares of Rio Tinto from a sell rating to a hold rating in a research note on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the stock. Rio Tinto presently has a consensus rating of Hold and an average price target of $59.07.
Shares of RIO opened at $50.55 on Friday. Rio Tinto has a fifty-two week low of $37.66 and a fifty-two week high of $59.25. The stock has a market cap of $68,087.31, a PE ratio of 10.55 and a beta of 1.14. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.71 and a quick ratio of 1.40.
The company also recently declared a semiannual dividend, which will be paid on Thursday, April 12th. Investors of record on Friday, March 2nd will be issued 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 is Thursday, March 1st. Rio Tinto’s dividend payout ratio is currently 60.75%.
Rio Tinto declared that its board has initiated a stock repurchase program on Wednesday, February 7th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the mining company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of RIO. State Street Corp raised its holdings in Rio Tinto by 7.2% during the second quarter. State Street Corp now owns 25,399 shares of the mining company’s stock worth $1,075,000 after purchasing an additional 1,700 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in 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. Ameriprise Financial Inc. raised its holdings in Rio Tinto by 20.0% during the third quarter. Ameriprise Financial Inc. now owns 153,210 shares of the mining company’s stock worth $7,230,000 after purchasing an additional 25,582 shares in the last quarter. TD Asset Management Inc. increased its holdings in Rio Tinto by 9.7% in the third quarter. TD Asset Management Inc. now owns 11,878 shares of the mining company’s stock valued at $561,000 after buying an additional 1,051 shares in the last quarter. Finally, BB&T Securities LLC increased its holdings in Rio Tinto by 19.4% in the third quarter. BB&T Securities LLC now owns 19,248 shares of the mining company’s stock valued at $908,000 after buying an additional 3,129 shares in the last quarter. 7.20% of the stock is 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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