Rio Tinto PLC (NYSE:RIO) Receives Consensus Rating of “Hold” from Brokerages

Shares of Rio Tinto PLC (NYSE:RIO) have been assigned a consensus rating of “Hold” from the sixteen analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $105.50.

A number of analysts recently commented on RIO shares. The Goldman Sachs Group upgraded Rio Tinto from a “neutral” rating to a “buy” rating in a report on Wednesday, July 29th. Morgan Stanley downgraded Rio Tinto from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. Bank of America cut Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Finally, Sanford C. Bernstein boosted their price target on shares of Rio Tinto from $82.00 to $83.50 and gave the stock an “outperform” rating in a report on Monday, April 27th.

Rio Tinto Stock Performance

Shares of NYSE RIO opened at $97.24 on Tuesday. Rio Tinto has a twelve month low of $60.22 and a twelve month high of $112.58. The stock’s 50 day moving average price is $96.06 and its 200-day moving average price is $97.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.93 and a current ratio of 1.42.

Rio Tinto Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, August 14th will be issued a dividend of $2.11 per share. This represents a yield of 441.0%. The ex-dividend date is Friday, August 14th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AdvisorNet Financial Inc increased its stake in shares of Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. Nvest Wealth Strategies Inc. purchased a new position in Rio Tinto in the fourth quarter valued at approximately $28,000. V Square Quantitative Management LLC bought a new position in Rio Tinto during the first quarter valued at $35,000. Costello Asset Management INC bought a new position in Rio Tinto during the first quarter valued at $37,000. Finally, Evelyn Partners Investment Management LLP purchased a new stake in Rio Tinto in the fourth quarter worth $34,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.