Rio Tinto (NYSE:RIO) Reaches New 1-Year High – Time to Buy?

Rio Tinto PLC (NYSE:RIO)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $68.91 and last traded at $68.21, with a volume of 5996856 shares changing hands. The stock had previously closed at $68.16.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Finally, Berenberg Bank reaffirmed a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Trading Down 0.2%

The company’s 50-day moving average is $63.83 and its 200-day moving average is $60.89. The firm has a market cap of $86.22 billion, a price-to-earnings ratio of 10.66, a P/E/G ratio of 6.24 and a beta of 0.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, September 25th. Investors of record on Friday, August 15th were given a dividend of $1.48 per share. The ex-dividend date was Friday, August 15th. This represents a yield of 620.0%. Rio Tinto’s dividend payout ratio is 45.74%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIO. Farther Finance Advisors LLC lifted its position in Rio Tinto by 24.2% during the 1st quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company’s stock valued at $242,000 after purchasing an additional 785 shares during the period. GAMMA Investing LLC lifted its position in Rio Tinto by 36.8% during the 1st quarter. GAMMA Investing LLC now owns 2,546 shares of the mining company’s stock valued at $153,000 after purchasing an additional 685 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Rio Tinto by 3.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 98,686 shares of the mining company’s stock valued at $5,929,000 after purchasing an additional 3,481 shares during the period. Janney Montgomery Scott LLC lifted its position in Rio Tinto by 7.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 308,542 shares of the mining company’s stock valued at $18,537,000 after purchasing an additional 20,467 shares during the period. Finally, Sagespring Wealth Partners LLC lifted its position in Rio Tinto by 60.2% during the 1st quarter. Sagespring Wealth Partners LLC now owns 6,810 shares of the mining company’s stock valued at $409,000 after purchasing an additional 2,558 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

About Rio Tinto

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.