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

Rio Tinto Group (NYSE:RIO) has been assigned an average rating of “Moderate Buy” from the ten research firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $72.00.

Several analysts have commented on RIO shares. Liberum Capital reiterated a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. The Goldman Sachs Group assumed coverage on shares of Rio Tinto Group in a report on Friday, January 12th. They issued a “buy” rating on the stock. Finally, StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RIO. Bank of New York Mellon Corp raised its holdings in Rio Tinto Group by 23.9% during the 1st quarter. Bank of New York Mellon Corp now owns 61,529 shares of the mining company’s stock valued at $4,947,000 after acquiring an additional 11,879 shares during the period. Cetera Advisor Networks LLC lifted its holdings in Rio Tinto Group by 33.8% during the 1st quarter. Cetera Advisor Networks LLC now owns 6,549 shares of the mining company’s stock worth $527,000 after purchasing an additional 1,654 shares in the last quarter. BlackRock Inc. boosted its stake in Rio Tinto Group by 19.4% in the 1st quarter. BlackRock Inc. now owns 1,539,846 shares of the mining company’s stock worth $123,803,000 after purchasing an additional 250,480 shares during the period. Vontobel Holding Ltd. purchased a new position in Rio Tinto Group during the 1st quarter valued at about $499,000. Finally, Cetera Investment Advisers increased its position in shares of Rio Tinto Group by 141.7% during the first quarter. Cetera Investment Advisers now owns 13,466 shares of the mining company’s stock valued at $1,083,000 after buying an additional 7,894 shares during the period. 19.33% of the stock is owned by institutional investors.

Rio Tinto Group Stock Up 0.4 %

Shares of NYSE:RIO opened at $66.98 on Friday. The company’s 50-day moving average is $64.87 and its 200 day moving average is $67.05. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. Rio Tinto Group has a fifty-two week low of $58.27 and a fifty-two week high of $75.09.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Thursday, April 18th. Stockholders of record on Friday, March 8th were given a $2.58 dividend. The ex-dividend date was Thursday, March 7th. This represents a dividend yield of 6.6%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

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.