Brokerages Set Rio Tinto Group (NYSE:RIO) Price Target at $72.00

Rio Tinto Group (NYSE:RIO) has been given a consensus recommendation of “Moderate Buy” by the ten ratings firms that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $72.00.

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on Rio Tinto Group in a research note on Friday, January 12th. They issued a “buy” rating for the company. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 10th. Finally, Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Viking Fund Management LLC increased its holdings in Rio Tinto Group by 14,385.7% during the 1st quarter. Viking Fund Management LLC now owns 50,700 shares of the mining company’s stock worth $3,232,000 after purchasing an additional 50,350 shares during the period. DGS Capital Management LLC increased its holdings in Rio Tinto Group by 17.0% during the 1st quarter. DGS Capital Management LLC now owns 13,622 shares of the mining company’s stock worth $868,000 after purchasing an additional 1,980 shares during the period. GoalVest Advisory LLC purchased a new position in Rio Tinto Group during the 1st quarter worth $486,000. Sunbelt Securities Inc. increased its holdings in shares of Rio Tinto Group by 2.0% in the 1st quarter. Sunbelt Securities Inc. now owns 11,766 shares of the mining company’s stock valued at $750,000 after acquiring an additional 235 shares during the period. Finally, Eagle Rock Investment Company LLC purchased a new position in shares of Rio Tinto Group in the 1st quarter valued at $1,095,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Up 1.2 %

NYSE:RIO opened at $66.78 on Friday. Rio Tinto Group has a 1 year low of $58.27 and a 1 year high of $75.09. The business has a 50 day simple moving average of $65.01 and a 200-day simple moving average of $67.01. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 18th. Shareholders of record on Friday, March 8th will be issued a dividend of $2.58 per share. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 6.6%. The ex-dividend date is Thursday, March 7th.

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.