Brokerages Set Rio Tinto PLC (RIO) Target Price at $47.67
Shares of Rio Tinto PLC (NYSE:RIO) have been given a consensus recommendation of “Buy” by the twenty-one analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $47.67.
RIO has been the subject of a number of analyst reports. ValuEngine downgraded Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 20th. BidaskClub downgraded Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Bank of America Corporation upgraded Rio Tinto PLC from an “underperform” rating to a “buy” rating in a research note on Friday, June 30th. Clarkson Capital reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Wednesday, August 2nd. Finally, Jefferies Group LLC set a $52.00 price target on Rio Tinto PLC and gave the company a “buy” rating in a research note on Friday, August 18th.
Large investors have recently modified their holdings of the stock. Knowledge Leaders Capital LLC boosted its stake in shares of Rio Tinto PLC by 126.0% in the second quarter. Knowledge Leaders Capital LLC now owns 2,393 shares of the mining company’s stock worth $101,000 after buying an additional 1,334 shares during the last quarter. Acrospire Investment Management LLC boosted its stake in shares of Rio Tinto PLC by 13.0% in the second quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock worth $110,000 after buying an additional 299 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Rio Tinto PLC during the first quarter worth about $111,000. Hudock Capital Group LLC boosted its stake in shares of Rio Tinto PLC by 125.4% in the second quarter. Hudock Capital Group LLC now owns 2,795 shares of the mining company’s stock worth $118,000 after buying an additional 1,555 shares during the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new stake in shares of Rio Tinto PLC during the fourth quarter worth about $119,000. 7.22% of the stock is currently owned by institutional investors and hedge funds.
Rio Tinto PLC (NYSE:RIO) traded up 0.21% during midday trading on Tuesday, hitting $47.69. The stock had a trading volume of 3,351,048 shares. Rio Tinto PLC has a 52 week low of $29.62 and a 52 week high of $48.24. The stock has a 50-day moving average of $45.61 and a 200-day moving average of $42.21. The firm has a market cap of $65.47 billion, a P/E ratio of 13.90 and a beta of 0.98.
The firm also recently announced a None dividend, which will be paid on Thursday, September 21st. Shareholders of record on Friday, August 11th will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Wednesday, August 9th.
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Rio Tinto PLC Company Profile
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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