Rio Tinto’s “Outperform” Rating Reaffirmed at Zacks (RIO)
Rio Tinto (NYSE:RIO)‘s stock had its “outperform” rating reiterated by Zacks in a research report issued on Wednesday, AmericanBankingNews.com reports. They currently have a $72.00 price target on the stock. Zacks‘ price target would indicate a potential upside of 20.38% from the company’s current price.
Zacks‘ analyst wrote, “Rio Tinto reported strong results for 2013, with underlying earnings per ADR increasing 10.4% year over year to $5.53. Revenues for the year increased marginally to $51.2 billion. High production and sales volumes were partially offset by adverse price movements. The company has also been successfully cutting its costs to improve margins. In 2013, Rio Tinto reduced its capital expenditures by 26% year over year and plans to continue doing so in the quarters ahead. Rio Tinto has been hiving off its unproductive assets to focus on the more profitable ones. Rio Tinto has a strong balance sheet, which aids in increasing shareholders’ wealth through dividends. In 2013, the company’s dividend per share increased 15% year over year to $1.92. Based on these factors we maintain our recommendation on the stock at Outperform.”
A number of other firms have also recently commented on RIO. Analysts at Beaufort Securities reiterated a “buy” rating on shares of Rio Tinto in a research note on Friday, February 14th. Separately, analysts at RBC Capital reiterated an “outperform” rating on shares of Rio Tinto in a research note on Thursday, February 13th. Finally, analysts at Investec reiterated a “buy” rating on shares of Rio Tinto in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $68.59.
Shares of Rio Tinto (NYSE:RIO) traded up 0.92% during mid-day trading on Wednesday, hitting $60.36. The stock had a trading volume of 1,313,900 shares. Rio Tinto has a 52 week low of $39.14 and a 52 week high of $60.04. The stock has a 50-day moving average of $54.2 and a 200-day moving average of $51.50. The company has a market cap of $111.6 billion and a price-to-earnings ratio of 30.31.
Rio Tinto plc (NYSE:RIO) is an international mining company.
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