Jefferies Group Research Analysts Lower Earnings Estimates for Rio Tinto plc (RIO)
Rio Tinto plc (NYSE:RIO) – Investment analysts at Jefferies Group decreased their FY2017 earnings per share estimates for Rio Tinto in a report issued on Wednesday. Jefferies Group analyst C. Lafemina now forecasts that the mining company will earn $4.83 per share for the year, down from their previous estimate of $5.03. Jefferies Group also issued estimates for Rio Tinto’s FY2018 earnings at $4.45 EPS.
A number of other research firms have also recently commented on RIO. HSBC cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Cowen reaffirmed a “market perform” rating and issued a $61.00 target price (up previously from $54.00) on shares of Rio Tinto in a report on Thursday, January 18th. Zacks Investment Research cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Societe Generale raised Rio Tinto from a “hold” rating to a “buy” rating in a report on Wednesday, November 8th. Finally, Citigroup cut Rio Tinto from a “buy” rating to a “neutral” rating in a report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $55.09.
The company also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 2nd will be issued a $1.7955 dividend. This represents a yield of 6.68%. The ex-dividend date is Thursday, March 1st. This is a boost from Rio Tinto’s previous semiannual dividend of $1.26. Rio Tinto’s dividend payout ratio is presently 48.57%.
Institutional investors and hedge funds have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd increased its holdings in Rio Tinto by 18.8% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 9,500 shares of the mining company’s stock worth $402,000 after purchasing an additional 1,503 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Rio Tinto by 124.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock valued at $51,543,000 after buying an additional 605,170 shares during the last quarter. Private Advisor Group LLC grew its position in shares of Rio Tinto by 23.5% in the 3rd quarter. Private Advisor Group LLC now owns 15,436 shares of the mining company’s stock valued at $740,000 after buying an additional 2,936 shares during the last quarter. AlphaStar Capital Management LLC bought a new stake in shares of Rio Tinto in the 3rd quarter valued at about $288,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Rio Tinto by 9.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 46,877 shares of the mining company’s stock valued at $2,212,000 after buying an additional 3,910 shares during the last quarter. 7.25% of the stock is owned by institutional investors and hedge funds.
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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