Brokerages Set Rio Tinto Group (NYSE:RIO) Target Price at $73.00

Shares of Rio Tinto Group (NYSE:RIO) have received an average rating of “Buy” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $73.00.

RIO has been the subject of a number of recent research reports. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Jefferies Financial Group cut their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They set an “overweight” rating for the company.

Institutional Trading of Rio Tinto Group

Hedge funds have recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Rio Tinto Group by 63.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after purchasing an additional 195 shares during the period. Rakuten Securities Inc. increased its stake in Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock worth $29,000 after purchasing an additional 211 shares in the last quarter. Mechanics Financial Corp acquired a new stake in Rio Tinto Group during the 4th quarter worth approximately $29,000. Golden State Wealth Management LLC bought a new position in Rio Tinto Group in the fourth quarter valued at approximately $47,000. Finally, Ameriflex Group Inc. acquired a new position in shares of Rio Tinto Group in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Stock Performance

Shares of Rio Tinto Group stock opened at $59.92 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The firm has a 50 day simple moving average of $62.04 and a 200 day simple moving average of $62.91. Rio Tinto Group has a fifty-two week low of $57.85 and a fifty-two week high of $74.24. The firm has a market cap of $75.14 billion, a P/E ratio of 9.29, a P/E/G ratio of 0.42 and a beta of 0.60.

Rio Tinto Group Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be issued a $2.23 dividend. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. This represents a dividend yield of 7%. Rio Tinto Group’s payout ratio is 69.15%.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.