Shares of Rio Tinto Group (NYSE:RIO – Get Rating) have received a consensus recommendation of “Hold” from the nineteen research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $5,058.33.
RIO has been the subject of a number of recent research reports. Credit Suisse Group reissued an “outperform” rating on shares of Rio Tinto Group in a research report on Wednesday, July 6th. Jefferies Financial Group upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, June 7th. JPMorgan Chase & Co. boosted their target price on shares of Rio Tinto Group from GBX 5,300 ($64.04) to GBX 5,350 ($64.64) in a report on Thursday, July 28th. UBS Group reduced their target price on shares of Rio Tinto Group from GBX 4,400 ($53.17) to GBX 4,300 ($51.96) in a research note on Thursday, July 28th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Rio Tinto Group from GBX 6,000 ($72.50) to GBX 5,800 ($70.08) in a report on Wednesday, June 29th.
Hedge Funds Weigh In On Rio Tinto Group
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIO. Professional Financial Advisors LLC acquired a new stake in shares of Rio Tinto Group during the first quarter valued at $26,000. AdvisorNet Financial Inc boosted its position in Rio Tinto Group by 171.3% during the 1st quarter. AdvisorNet Financial Inc now owns 369 shares of the mining company’s stock valued at $30,000 after purchasing an additional 233 shares during the period. Castle Wealth Management LLC bought a new stake in Rio Tinto Group during the 2nd quarter valued at $26,000. Tortoise Investment Management LLC bought a new stake in Rio Tinto Group during the 2nd quarter valued at $27,000. Finally, Larson Financial Group LLC bought a new stake in shares of Rio Tinto Group in the 2nd quarter worth $33,000. 10.05% of the stock is owned by institutional investors and hedge funds.
Rio Tinto Group Stock Performance
Rio Tinto Group Cuts Dividend
The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Friday, August 12th will be given a dividend of $2.67 per share. This represents a dividend yield of 11.4%. The ex-dividend date is Thursday, August 11th.
About Rio Tinto Group
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.
- Get a free copy of the StockNews.com research report on Rio Tinto Group (RIO)
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