Brokerages Set Rio Tinto PLC (NYSE:RIO) Price Target at $101.75

Shares of Rio Tinto PLC (NYSE:RIO) have been assigned a consensus rating of “Hold” from the fifteen brokerages that are currently covering the company, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $101.75.

RIO has been the topic of several recent analyst reports. DZ Bank lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Sanford C. Bernstein upped their target price on Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research report on Monday, April 27th. Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a research report on Monday, April 13th. Barclays lowered Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, February 24th. Finally, Zacks Research lowered Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th.

Rio Tinto Stock Up 1.9%

Shares of NYSE:RIO opened at $100.52 on Friday. The business’s 50-day moving average is $94.54 and its 200 day moving average is $85.22. Rio Tinto has a 1 year low of $55.64 and a 1 year high of $101.53. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33.

Rio Tinto Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, April 16th. Stockholders of record on Friday, March 6th were issued a $2.54 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a dividend yield of 564.0%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RIO. AdvisorNet Financial Inc increased its holdings in shares of Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after purchasing an additional 181 shares during the period. PFS Partners LLC acquired a new position in shares of Rio Tinto in the fourth quarter valued at about $28,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Rio Tinto in the fourth quarter valued at about $28,000. Salomon & Ludwin LLC increased its holdings in shares of Rio Tinto by 62.2% in the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after purchasing an additional 181 shares during the period. Finally, Trust Co. of Toledo NA OH acquired a new position in shares of Rio Tinto in the fourth quarter valued at about $34,000. 19.33% of the stock is owned by institutional investors and hedge funds.

About Rio Tinto

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.