Rio Tinto plc (RIO) Plans Semiannual Dividend of $1.80

Rio Tinto plc (NYSE:RIO) declared a semiannual dividend on Friday, February 9th, Wall Street Journal reports. Shareholders of record on Friday, March 2nd will be given a dividend of 1.7955 per share by the mining company on Thursday, April 12th. This represents a yield of 6.68%. The ex-dividend date is Thursday, March 1st. This is an increase from Rio Tinto’s previous semiannual dividend of $1.26.

Rio Tinto has increased its dividend by an average of 5.3% per year over the last three years. Rio Tinto has a dividend payout ratio of 46.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Rio Tinto to earn $4.55 per share next year, which means the company should continue to be able to cover its $2.22 annual dividend with an expected future payout ratio of 48.8%.

Rio Tinto (NYSE:RIO) traded up $1.45 during midday trading on Friday, reaching $53.72. The company’s stock had a trading volume of 5,100,000 shares, compared to its average volume of 2,950,000. The stock has a market cap of $97,610.00, a PE ratio of 11.01 and a beta of 1.09. Rio Tinto has a 52-week low of $37.66 and a 52-week high of $57.78. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.34 and a current ratio of 1.71.

A hedge fund recently raised its stake in Rio Tinto stock. State Street Corp grew its holdings in shares of Rio Tinto plc (NYSE:RIO) by 7.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,399 shares of the mining company’s stock after buying an additional 1,700 shares during the quarter. State Street Corp’s holdings in Rio Tinto were worth $1,075,000 as of its most recent SEC filing. Institutional investors own 7.25% of the company’s stock.

Several equities analysts have recently commented on RIO shares. Clarkson Capital cut Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Monday, October 16th. Societe Generale upgraded Rio Tinto from a “hold” rating to a “buy” rating in a research note on Wednesday, November 8th. Zacks Investment Research cut Rio Tinto from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. JPMorgan Chase & Co. cut Rio Tinto from an “overweight” rating to a “neutral” rating in a research note on Thursday, December 14th. Finally, Cowen reiterated a “market perform” rating and set a $61.00 target price (up from $54.00) on shares of Rio Tinto in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $55.09.

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About Rio Tinto

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

Dividend History for Rio Tinto (NYSE:RIO)

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