Rio Tinto Group (NYSE:RIO) Reaches New 1-Year Low at $51.88

Financial News Live · Sep 24, 2022 00:03

Rio Tinto Group (NYSE:RIO – Get Rating)'s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $51.88 and last traded at $51.94, with a volume of 130390 shares. The stock had previously closed at $55.35.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on RIO shares. JPMorgan Chase & Co. raised their target price on Rio Tinto Group from GBX 5,300 ($64.04) to GBX 5,350 ($64.64) in a report on Thursday, July 28th. Deutsche Bank Aktiengesellschaft dropped their target price on Rio Tinto Group from GBX 6,000 ($72.50) to GBX 5,800 ($70.08) in a report on Wednesday, June 29th. Royal Bank of Canada dropped their target price on Rio Tinto Group from GBX 4,900 ($59.21) to GBX 4,700 ($56.79) in a report on Thursday, July 28th. Berenberg Bank lifted their price target on Rio Tinto Group from GBX 4,100 ($49.54) to GBX 4,300 ($51.96) in a report on Friday, July 29th. Finally, Jefferies Financial Group upgraded Rio Tinto Group from a "hold" rating to a "buy" rating in a report on Tuesday, June 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of "Hold" and a consensus price target of $4,345.71.

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Rio Tinto Group Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.79 and a quick ratio of 1.34. The company has a 50-day moving average price of $58.03 and a two-hundred day moving average price of $66.62.

Rio Tinto Group Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, September 22nd. Stockholders of record on Friday, August 12th were given a $2.67 dividend. This represents a dividend yield of 11.4%. The ex-dividend date of this dividend was Thursday, August 11th.

Hedge Funds Weigh In On Rio Tinto Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Professional Financial Advisors LLC purchased a new position in Rio Tinto Group during the first quarter worth about $26,000. Castle Wealth Management LLC purchased a new position in Rio Tinto Group during the second quarter worth about $26,000. Cowa LLC purchased a new position in Rio Tinto Group during the first quarter worth about $26,000. Tortoise Investment Management LLC bought a new stake in Rio Tinto Group during the second quarter worth about $27,000. Finally, AdvisorNet Financial Inc lifted its stake in Rio Tinto Group by 171.3% during the first quarter. AdvisorNet Financial Inc now owns 369 shares of the mining company's stock worth $30,000 after purchasing an additional 233 shares during the last quarter. 10.05% of the stock is currently owned by hedge funds and other institutional investors.

About Rio Tinto Group

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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.