Rio Tinto PLC (NYSE:RIO) Stock Now Rated “Hold” by Wall Street Brokerages

Rio Tinto PLC (NYSE:RIO) has been given a consensus recommendation of “Hold” by the sixteen analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, four have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $103.12.

A number of research analysts have recently weighed in on RIO shares. Berenberg Bank set a $113.00 price target on Rio Tinto in a report on Thursday, July 30th. Argus upgraded Rio Tinto to a “strong-buy” rating in a report on Thursday, August 20th. Morgan Stanley started coverage on shares of Rio Tinto in a report on Monday, August 24th. They set an “underweight” rating and a $90.00 price target for the company. Zacks Research upgraded shares of Rio Tinto from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada upgraded shares of Rio Tinto from an “underperform” rating to a “sector perform” rating in a research report on Tuesday.

Hedge Funds Weigh In On Rio Tinto

A number of hedge funds have recently added to or reduced their stakes in RIO. AdvisorNet Financial Inc raised its holdings in shares of Rio Tinto by 160.2% during the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock valued at $27,000 after purchasing an additional 181 shares in the last quarter. Timbuktu Capital Management LLC bought a new stake in shares of Rio Tinto during the 2nd quarter worth about $28,000. Evelyn Partners Investment Management LLP bought a new position in shares of Rio Tinto in the 4th quarter valued at approximately $34,000. V Square Quantitative Management LLC bought a new position in shares of Rio Tinto in the 1st quarter valued at approximately $35,000. Finally, Glen Eagle Advisors LLC grew its holdings in Rio Tinto by 32.2% during the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock valued at $36,000 after purchasing an additional 110 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Price Performance

NYSE RIO opened at $95.92 on Wednesday. Rio Tinto has a twelve month low of $65.35 and a twelve month high of $112.58. The company has a current ratio of 1.42, a quick ratio of 0.93 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average price is $99.18 and its two-hundred day moving average price is $98.30.

Rio Tinto Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, September 24th. Investors of record on Friday, August 14th were given a dividend of $2.11 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a yield of 441.0%.

About Rio Tinto

Rio Tinto plc is a global mining and metals company that explores for, develops, and operates mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks, and salt. The company supplies raw materials to industries such as construction, manufacturing, transportation, packaging, and renewable energy.

Rio Tinto’s iron ore business is concentrated in Western Australia’s Pilbara region, while its aluminum operations span bauxite mining, alumina refining, and aluminum smelting in several countries.