Rio Tinto Group (NYSE:RIO) Shares Gap Up to $53.22

Financial News Live · Sep 23, 2022 02:02

Rio Tinto Group (NYSE:RIO – Get Rating) shares gapped up before the market opened on Thursday . The stock had previously closed at $53.22, but opened at $55.11. Rio Tinto Group shares last traded at $55.29, with a volume of 64,455 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RIO shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Rio Tinto Group from GBX 6,000 ($72.50) to GBX 5,800 ($70.08) in a research report on Wednesday, June 29th. Credit Suisse Group reissued an "outperform" rating on shares of Rio Tinto Group in a research report on Wednesday, July 6th. Berenberg Bank increased their price objective on shares of Rio Tinto Group from GBX 4,100 ($49.54) to GBX 4,300 ($51.96) in a research report on Friday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Rio Tinto Group from GBX 5,300 ($64.04) to GBX 5,350 ($64.64) in a research report on Thursday, July 28th. Finally, Morgan Stanley lowered their price objective on shares of Rio Tinto Group from GBX 5,990 ($72.38) to GBX 5,900 ($71.29) and set an "overweight" rating for the company in a research report on Tuesday, August 16th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Rio Tinto Group presently has an average rating of "Hold" and a consensus target price of $4,345.71.

Get Rio Tinto Group alerts:

Rio Tinto Group Trading Up 3.8 %

The company has a 50 day moving average of $58.02 and a 200-day moving average of $66.78. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.34 and a current ratio of 1.79.

Rio Tinto Group Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 22nd. Investors of record on Friday, August 12th will be paid a dividend of $2.67 per share. This represents a yield of 11.4%. The ex-dividend date is Thursday, August 11th.

Hedge Funds Weigh In On Rio Tinto Group

Large investors have recently added to or reduced their stakes in the company. Bank of New Hampshire lifted its stake in Rio Tinto Group by 239.4% during the second quarter. Bank of New Hampshire now owns 638 shares of the mining company's stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Checchi Capital Advisers LLC lifted its stake in Rio Tinto Group by 7.0% in the first quarter. Checchi Capital Advisers LLC now owns 9,462 shares of the mining company's stock valued at $761,000 after buying an additional 623 shares during the last quarter. Rothschild Investment Corp IL bought a new stake in Rio Tinto Group in the first quarter valued at $418,000. Koshinski Asset Management Inc. lifted its stake in Rio Tinto Group by 68.0% in the first quarter. Koshinski Asset Management Inc. now owns 1,623 shares of the mining company's stock valued at $130,000 after buying an additional 657 shares during the last quarter. Finally, Financial Counselors Inc. lifted its stake in Rio Tinto Group by 3.9% in the first quarter. Financial Counselors Inc. now owns 5,744 shares of the mining company's stock valued at $462,000 after buying an additional 218 shares during the last quarter. 10.05% of the stock is currently owned by institutional investors.

Rio Tinto Group Company Profile

(Get Rating)

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.