Shares of Rio Tinto Group (NYSE:RIO – Get Rating) have been assigned an average recommendation of “Hold” from the eighteen research firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $5,058.33.
A number of research firms have recently commented on RIO. Morgan Stanley cut their target price on shares of Rio Tinto Group from GBX 5,990 ($72.38) to GBX 5,900 ($71.29) and set an “overweight” rating for the company in a research note on Tuesday, August 16th. Macquarie cut shares of Rio Tinto Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 23rd. Royal Bank of Canada cut their target price on shares of Rio Tinto Group from GBX 4,900 ($59.21) to GBX 4,700 ($56.79) in a research note on Thursday, July 28th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Rio Tinto Group from GBX 6,000 ($72.50) to GBX 5,800 ($70.08) in a research note on Wednesday, June 29th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Rio Tinto Group from GBX 5,300 ($64.04) to GBX 5,350 ($64.64) in a research note on Thursday, July 28th.
Hedge Funds Weigh In On Rio Tinto Group
Large investors have recently made changes to their positions in the stock. Professional Financial Advisors LLC acquired a new position in shares of Rio Tinto Group in the 1st quarter worth approximately $26,000. Castle Wealth Management LLC acquired a new position in shares of Rio Tinto Group in the 2nd quarter worth approximately $26,000. Cowa LLC acquired a new position in shares of Rio Tinto Group in the 1st quarter worth approximately $26,000. Tortoise Investment Management LLC acquired a new position in shares of Rio Tinto Group in the 2nd quarter worth approximately $27,000. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Rio Tinto Group by 171.3% in the 1st quarter. AdvisorNet Financial Inc now owns 369 shares of the mining company’s stock worth $30,000 after acquiring an additional 233 shares during the last quarter. 10.05% of the stock is currently owned by institutional investors and hedge funds.
Rio Tinto Group Stock Performance
Rio Tinto Group Cuts Dividend
The company also recently announced a semi-annual dividend, which was paid on Thursday, September 22nd. Shareholders of record on Friday, August 12th were issued a $2.67 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a yield of 11.4%.
Rio Tinto Group Company Profile
Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.
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