Zacks Investment Research Upgrades Rio Tinto (NYSE:RIO) to “Strong-Buy”
Zacks Investment Research upgraded shares of Rio Tinto (NYSE:RIO) from a hold rating to a strong-buy rating in a research note issued to investors on Saturday morning, Zacks.com reports. They currently have $70.00 price objective on the mining company’s stock.
According to Zacks, “Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. RTZ’s various mining operations are located in New Zealand, Australia, South Africa, Europe and Canada. “
RIO has been the subject of a number of other reports. JPMorgan Chase & Co. reaffirmed a neutral rating on shares of Rio Tinto in a research note on Tuesday, August 11th. Bank of America raised shares of Rio Tinto from a neutral rating to a buy rating in a research note on Friday, May 29th. Investec lowered shares of Rio Tinto from a buy rating to a hold rating in a report on Thursday, July 30th. Goldman Sachs Group downgraded shares of Rio Tinto from a buy rating to a neutral rating in a report on Tuesday, July 7th. They noted that the move was a valuation call. Finally, BNP Paribas lowered shares of Rio Tinto from an outperform rating to a neutral rating in a research report on Friday, June 5th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $63.50.
The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 17th. Investors of record on Friday, August 7th will be given a dividend of $1.55 per share. The ex-dividend date is Thursday, August 6th. This represents a dividend yield of 6.3%. Rio Tinto’s payout ratio is currently 48.97%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Rosenberg Matthew Hamilton purchased a new position in shares of Rio Tinto during the second quarter worth $27,000. Harbor Investment Advisory LLC acquired a new position in Rio Tinto during the 1st quarter worth about $27,000. Solstein Capital LLC acquired a new position in Rio Tinto during the 1st quarter worth about $39,000. Balentine LLC purchased a new position in Rio Tinto during the 2nd quarter valued at about $72,000. Finally, Global Retirement Partners LLC grew its position in Rio Tinto by 27.3% in the 2nd quarter. Global Retirement Partners LLC now owns 1,323 shares of the mining company’s stock valued at $74,000 after acquiring an additional 284 shares in the last quarter. 7.73% of the stock is currently owned by institutional investors.
Rio Tinto Company Profile
Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.
Further Reading: Black Swan
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