Rio Tinto (NYSE:RIO) Cut to “Hold” at Erste Group Bank

Erste Group Bank downgraded shares of Rio Tinto (NYSE:RIO) from a buy rating to a hold rating in a research report sent to investors on Thursday, Marketbeat Ratings reports.

Other analysts have also issued research reports about the company. Argus raised Rio Tinto to a “strong-buy” rating in a research note on Thursday, August 20th. DZ Bank raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Morgan Stanley initiated coverage on shares of Rio Tinto in a report on Monday, August 24th. They issued an “underweight” rating and a $90.00 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. Finally, Berenberg Bank set a $113.00 price target on shares of Rio Tinto in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Rio Tinto presently has a consensus rating of “Hold” and a consensus price target of $101.62.

Rio Tinto Stock Performance

Rio Tinto stock opened at $103.46 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. The stock has a fifty day moving average of $96.16 and a two-hundred day moving average of $97.73. Rio Tinto has a fifty-two week low of $61.40 and a fifty-two week high of $112.58.

Rio Tinto Announces Dividend

The firm also recently announced a dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, August 14th will be given a dividend of $2.11 per share. This represents a yield of 441.0%. The ex-dividend date of this dividend is Friday, August 14th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RIO. AdvisorNet Financial Inc increased its position in shares of Rio Tinto by 160.2% in the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after acquiring an additional 181 shares in the last quarter. Timbuktu Capital Management LLC acquired a new position in shares of Rio Tinto during the 2nd quarter valued at $28,000. Evelyn Partners Investment Management LLP acquired a new position in shares of Rio Tinto during the 4th quarter valued at $34,000. V Square Quantitative Management LLC purchased a new stake in Rio Tinto during the 1st quarter worth $35,000. Finally, Glen Eagle Advisors LLC boosted its position in Rio Tinto by 32.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after purchasing an additional 110 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.