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.
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.
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