Shares of Rio Tinto plc (NYSE:RIO) have been assigned an average rating of “Hold” from the sixteen ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $54.79.
RIO has been the topic of a number of recent research reports. Clarkson Capital cut shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Monday, October 16th. Citigroup cut shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 17th. Cowen set a $47.00 price target on shares of Rio Tinto and gave the company a “hold” rating in a research report on Monday, October 16th. Royal Bank of Canada cut shares of Rio Tinto from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $47.87 to $48.37 in a research report on Monday, October 23rd. Finally, Societe Generale upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Wednesday, November 8th.
Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Rio Tinto by 16.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,503,490 shares of the mining company’s stock valued at $118,140,000 after purchasing an additional 353,835 shares during the period. Jennison Associates LLC boosted its stake in shares of Rio Tinto by 35.7% during the third quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock valued at $100,973,000 after purchasing an additional 563,461 shares during the period. Van ECK Associates Corp boosted its stake in shares of Rio Tinto by 237.3% during the third quarter. Van ECK Associates Corp now owns 1,280,538 shares of the mining company’s stock valued at $60,429,000 after purchasing an additional 900,859 shares during the period. Russell Investments Group Ltd. lifted its stake in Rio Tinto by 124.2% in the third quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock worth $51,543,000 after acquiring an additional 605,170 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in Rio Tinto by 10.5% in the third quarter. Parametric Portfolio Associates LLC now owns 954,715 shares of the mining company’s stock worth $45,053,000 after acquiring an additional 90,656 shares during the period. 7.24% of the stock is owned by hedge funds and other institutional investors.
The business also recently disclosed a semiannual dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 2nd will be paid a dividend of $1.7955 per share. This represents a dividend yield of 6.68%. The ex-dividend date is Thursday, March 1st. This is a positive change from Rio Tinto’s previous semiannual dividend of $1.26. Rio Tinto’s dividend payout ratio is 48.57%.
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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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