Rio Tinto Group (NYSE:RIO) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Rio Tinto Group (NYSE:RIO) have received a consensus recommendation of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company.

Several research firms have issued reports on RIO. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Citigroup downgraded shares of Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Berenberg Bank downgraded shares of Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RIO. QRG Capital Management Inc. lifted its holdings in shares of Rio Tinto Group by 38.1% during the 2nd quarter. QRG Capital Management Inc. now owns 95,497 shares of the mining company’s stock valued at $6,296,000 after buying an additional 26,329 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Rio Tinto Group in the fourth quarter valued at approximately $4,319,000. abrdn plc grew its position in Rio Tinto Group by 8.8% in the fourth quarter. abrdn plc now owns 215,100 shares of the mining company’s stock worth $16,016,000 after acquiring an additional 17,400 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Rio Tinto Group during the 1st quarter worth $1,734,000. Finally, Salem Investment Counselors Inc. raised its holdings in shares of Rio Tinto Group by 12.2% during the 1st quarter. Salem Investment Counselors Inc. now owns 127,216 shares of the mining company’s stock valued at $8,430,000 after purchasing an additional 13,856 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Shares of NYSE RIO opened at $62.76 on Friday. The stock’s fifty day simple moving average is $65.03 and its 200 day simple moving average is $66.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 52-week low of $59.80 and a 52-week high of $75.09.

Rio Tinto Group Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, August 16th will be given a dividend of $1.77 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a yield of 6.8%.

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.