Analysts Set Rio Tinto plc (RIO) Target Price at $59.84

Shares of Rio Tinto plc (NYSE:RIO) have received a consensus recommendation of “Hold” from the eighteen brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $59.84.

Several research firms have issued reports on RIO. HSBC cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. UBS reaffirmed a “buy” rating on shares of Rio Tinto in a report on Monday, March 5th. Argus upped their price target on Rio Tinto to $61.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Jefferies Group set a $69.00 price target on Rio Tinto and gave the company a “buy” rating in a report on Thursday, February 15th. Finally, Cowen reaffirmed a “market perform” rating and issued a $61.00 price target (up previously from $54.00) on shares of Rio Tinto in a report on Thursday, January 18th.

How to Become a New Pot Stock Millionaire

A number of large investors have recently made changes to their positions in RIO. State Street Corp raised its stake in Rio Tinto by 7.2% during the 2nd quarter. State Street Corp now owns 25,399 shares of the mining company’s stock valued at $1,075,000 after purchasing an additional 1,700 shares during the period. The Manufacturers Life Insurance Company raised its stake in Rio Tinto by 212.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after purchasing an additional 2,166 shares during the period. Ameriprise Financial Inc. raised its stake in Rio Tinto by 20.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 153,210 shares of the mining company’s stock valued at $7,230,000 after purchasing an additional 25,582 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Rio Tinto during the 3rd quarter valued at $452,000. Finally, TD Asset Management Inc. raised its stake in Rio Tinto by 9.7% during the 3rd quarter. TD Asset Management Inc. now owns 11,878 shares of the mining company’s stock valued at $561,000 after purchasing an additional 1,051 shares during the period. 7.20% of the stock is currently owned by institutional investors.

NYSE RIO opened at $50.55 on Wednesday. The firm has a market capitalization of $68,666.49, a price-to-earnings ratio of 10.55 and a beta of 1.14. Rio Tinto has a 1 year low of $37.66 and a 1 year high of $59.25. The company has a current ratio of 1.71, a quick ratio of 1.40 and a debt-to-equity ratio of 0.30.

Rio Tinto announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the mining company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 2nd will be paid a dividend of $1.7955 per share. This is an increase from Rio Tinto’s previous semiannual dividend of $1.26. This represents a yield of 6.68%. The ex-dividend date is Thursday, March 1st. Rio Tinto’s payout ratio is 60.75%.

TRADEMARK VIOLATION NOTICE: This story was posted by Ticker Report and is the sole property of of Ticker Report. If you are accessing this story on another publication, it was copied illegally and republished in violation of U.S. & international trademark & copyright legislation. The legal version of this story can be accessed at https://www.tickerreport.com/banking-finance/3337617/analysts-set-rio-tinto-plc-rio-target-price-at-59-84.html.

About Rio Tinto

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

Analyst Recommendations for Rio Tinto (NYSE:RIO)

Receive News & Ratings for Rio Tinto Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rio Tinto and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Cantor Fitzgerald Analysts Give Heron Therapeutics  a $40.00 Price Target
Cantor Fitzgerald Analysts Give Heron Therapeutics a $40.00 Price Target
Permian Basin Royalty Trust  Stock Rating Upgraded by TheStreet
Permian Basin Royalty Trust Stock Rating Upgraded by TheStreet
Allergan  PT Set at $215.00 by Credit Suisse Group
Allergan PT Set at $215.00 by Credit Suisse Group
Sandler O’Neill Reiterates Buy Rating for SL Green Realty
Sandler O’Neill Reiterates Buy Rating for SL Green Realty
Zacks Investment Research Upgrades Intuitive Surgical  to Strong-Buy
Zacks Investment Research Upgrades Intuitive Surgical to Strong-Buy
Financial Analysis: McDermott International  versus Global Power Equipment Gr
Financial Analysis: McDermott International versus Global Power Equipment Gr


© 2006-2018 Ticker Report. Google+.