Rio Tinto (RIO) Shares Gap Down to $56.60

Rio Tinto plc (NYSE:RIO) gapped down prior to trading on Monday . The stock had previously closed at $57.91, but opened at $56.60. Rio Tinto shares last traded at $55.52, with a volume of 3019650 shares trading hands.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, April 18th. HSBC raised Rio Tinto from a “hold” rating to a “buy” rating in a report on Wednesday, April 18th. Vertical Group assumed coverage on Rio Tinto in a report on Monday, April 9th. They issued a “sell” rating and a $41.00 price objective for the company. Jefferies Group reissued a “buy” rating and issued a $68.00 price objective on shares of Rio Tinto in a report on Monday, April 9th. Finally, BNP Paribas reissued a “neutral” rating on shares of Rio Tinto in a report on Friday, April 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. Rio Tinto presently has a consensus rating of “Hold” and an average target price of $56.73.

How to Become a New Pot Stock Millionaire

The company has a quick ratio of 1.40, a current ratio of 1.71 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $76,236.24, a price-to-earnings ratio of 11.59 and a beta of 1.14.

The business also recently declared a semiannual dividend, which was paid on Thursday, April 12th. Investors of record on Friday, March 2nd were issued a dividend of $1.7955 per share. The ex-dividend date of this dividend was Thursday, March 1st. This is an increase from Rio Tinto’s previous semiannual dividend of $1.26. This represents a dividend yield of 6.68%. Rio Tinto’s dividend payout ratio (DPR) is currently 23.17%.

Rio Tinto announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the mining company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. raised its position in Rio Tinto by 6.6% in the fourth quarter. Franklin Resources Inc. now owns 15,278,793 shares of the mining company’s stock worth $808,707,000 after acquiring an additional 949,800 shares in the last quarter. Tide Point Capital Management LP raised its position in Rio Tinto by 1,548.5% in the fourth quarter. Tide Point Capital Management LP now owns 641,851 shares of the mining company’s stock worth $33,974,000 after acquiring an additional 602,915 shares in the last quarter. Millennium Management LLC raised its position in Rio Tinto by 63.2% in the fourth quarter. Millennium Management LLC now owns 1,022,195 shares of the mining company’s stock worth $54,105,000 after acquiring an additional 395,984 shares in the last quarter. Eaton Vance Management raised its position in Rio Tinto by 75.2% in the fourth quarter. Eaton Vance Management now owns 790,941 shares of the mining company’s stock worth $41,864,000 after acquiring an additional 339,489 shares in the last quarter. Finally, Delek Group Ltd. purchased a new position in Rio Tinto in the fourth quarter worth $10,042,000. 7.22% of the stock is owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION WARNING: This story was reported by Week Herald and is the property of of Week Herald. If you are viewing this story on another website, it was stolen and reposted in violation of international trademark & copyright laws. The legal version of this story can be accessed at https://weekherald.com/2018/04/23/rio-tinto-rio-shares-gap-down-to-56-60.html.

Rio Tinto Company Profile

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.

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.

Leave a Reply