Rio Tinto Group (NYSE:RIO) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Rio Tinto Group (NYSE:RIO) have earned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $72.00.

Several brokerages have recently issued reports on RIO. The Goldman Sachs Group started coverage on Rio Tinto Group in a report on Friday, January 12th. They set a “buy” rating for the company. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Liberum Capital reaffirmed a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th.

Rio Tinto Group Stock Up 1.7 %

Shares of NYSE RIO opened at $66.78 on Friday. Rio Tinto Group has a one year low of $58.27 and a one year high of $75.09. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.17 and a current ratio of 1.69. The business has a 50-day moving average price of $64.92 and a two-hundred day moving average price of $67.02.

Rio Tinto Group Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 18th. Stockholders of record on Friday, March 8th will be given a $2.58 dividend. This represents a dividend yield of 6.6%. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Thursday, March 7th.

Hedge Funds Weigh In On Rio Tinto Group

Large investors have recently made changes to their positions in the company. Garner Asset Management Corp bought a new position in shares of Rio Tinto Group during the fourth quarter worth approximately $25,000. AdvisorNet Financial Inc boosted its holdings in shares of Rio Tinto Group by 785.7% during the 4th quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in Rio Tinto Group during the 1st quarter worth about $26,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Rio Tinto Group during the 3rd quarter worth about $27,000. Finally, First Manhattan Co. lifted its holdings in Rio Tinto Group by 555.4% during the 4th quarter. First Manhattan Co. now owns 426 shares of the mining company’s stock worth $30,000 after buying an additional 361 shares during the period. Institutional investors own 19.33% of the company’s stock.

About Rio Tinto Group

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.