Rio Tinto PLC (NYSE:RIO) Given Average Rating of “Hold” by Brokerages

Rio Tinto PLC (NYSE:RIOGet Free Report) has earned an average recommendation of “Hold” from the sixteen analysts that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, four have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $101.6250.

Several equities research analysts have weighed in on the stock. Erste Group Bank downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Thursday, August 27th. Morgan Stanley started coverage on Rio Tinto in a research report on Monday, August 24th. They set an “underweight” rating and a $90.00 target price on the stock. Berenberg Bank set a $113.00 price target on Rio Tinto in a research note on Thursday, July 30th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th.

Check Out Our Latest Stock Report on RIO

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Fisher Asset Management LLC boosted its holdings in Rio Tinto by 2.7% in the fourth quarter. Fisher Asset Management LLC now owns 19,642,744 shares of the mining company’s stock valued at $1,572,009,000 after purchasing an additional 522,576 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Rio Tinto by 170.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company’s stock worth $311,023,000 after purchasing an additional 2,451,140 shares during the period. Bank of America Corp DE raised its position in Rio Tinto by 6.6% in the 1st quarter. Bank of America Corp DE now owns 3,623,294 shares of the mining company’s stock valued at $338,017,000 after purchasing an additional 225,016 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Rio Tinto by 8.6% in the 4th quarter. Bank of Montreal Can now owns 2,221,469 shares of the mining company’s stock valued at $177,784,000 after buying an additional 175,833 shares during the period. Finally, Deutsche Bank AG lifted its stake in Rio Tinto by 102.6% in the fourth quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company’s stock worth $177,421,000 after acquiring an additional 1,122,667 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Stock Up 0.4%

RIO stock opened at $103.21 on Friday. Rio Tinto has a one year low of $61.72 and a one year high of $112.58. 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 firm has a 50-day simple moving average of $96.87 and a two-hundred day simple moving average of $97.90.

Rio Tinto Dividend Announcement

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

Rio Tinto Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Rio Tinto (NYSE:RIO)

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