Rio Tinto (NYSE:RIO) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Rio Tinto PLC (NYSE:RIO) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $98.00 and traded as high as $98.37. Rio Tinto shares last traded at $97.11, with a volume of 1,102,473 shares changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on RIO shares. Erste Group Bank downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Thursday, August 27th. DZ Bank raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Berenberg Bank set a $113.00 price target on Rio Tinto in a research report on Thursday, July 30th. Argus raised shares of Rio Tinto to a “strong-buy” rating in a report on Thursday, August 20th. Finally, Royal Bank Of Canada lowered shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Rio Tinto has an average rating of “Hold” and a consensus target price of $103.12.

Rio Tinto Stock Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. The company has a 50 day simple moving average of $98.55 and a 200-day simple moving average of $98.02.

Rio Tinto Announces Dividend

The company also recently declared a dividend, which will be paid on Thursday, September 24th. Stockholders of record on Friday, August 14th will be issued a $2.11 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a dividend yield of 441.0%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. AdvisorNet Financial Inc raised its position in Rio Tinto by 160.2% during the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after purchasing an additional 181 shares in the last quarter. Timbuktu Capital Management LLC bought a new position in shares of Rio Tinto during the 2nd quarter valued at about $28,000. Evelyn Partners Investment Management LLP purchased a new position in shares of Rio Tinto during the 4th quarter valued at about $34,000. V Square Quantitative Management LLC bought a new stake in Rio Tinto in the 1st quarter worth approximately $35,000. Finally, Glen Eagle Advisors LLC boosted its stake in Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after buying an additional 110 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

About Rio Tinto

Rio Tinto plc is a global mining and metals company with operations and projects spanning approximately 35 countries. Founded in 1873, the company operates through a dual-listed structure in the United Kingdom and Australia, with its American depositary receipts traded on the New York Stock Exchange under the symbol RIO.

The company explores, develops and produces a range of mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks and diamonds.