Rio Tinto Group (NYSE:RIO) Trading 1.1% Higher

Financial News Live · Sep 30, 2022 02:42

Rio Tinto Group (NYSE:RIO – Get Rating)'s share price traded up 1.1% during mid-day trading on Thursday . The company traded as high as $54.67 and last traded at $54.47. 47,790 shares changed hands during trading, a decline of 99% from the average session volume of 3,717,362 shares. The stock had previously closed at $53.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Credit Suisse Group reaffirmed an "outperform" rating on shares of Rio Tinto Group in a research report on Wednesday, July 6th. JPMorgan Chase & Co. boosted their target price on Rio Tinto Group from GBX 5,350 ($64.64) to GBX 5,580 ($67.42) in a research report on Monday. Berenberg Bank boosted their target price on Rio Tinto Group from GBX 4,100 ($49.54) to GBX 4,300 ($51.96) in a research report on Friday, July 29th. Morgan Stanley cut their target price on Rio Tinto Group from GBX 5,990 ($72.38) to GBX 5,900 ($71.29) and set an "overweight" rating on the stock in a research report on Tuesday, August 16th. Finally, Jefferies Financial Group raised Rio Tinto Group from a "hold" rating to a "buy" rating in a research report on Tuesday, June 7th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $4,378.57.

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Rio Tinto Group Trading Up 1.4 %

The business has a 50 day simple moving average of $57.69 and a 200 day simple moving average of $65.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.79 and a quick ratio of 1.34.

Rio Tinto Group Cuts Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Capital Wealth Alliance LLC grew its stake in Rio Tinto Group by 17.1% in the second quarter. Capital Wealth Alliance LLC now owns 4,162 shares of the mining company's stock valued at $253,000 after purchasing an additional 607 shares in the last quarter. Columbia Asset Management purchased a new position in Rio Tinto Group in the second quarter valued at about $1,062,000. Redhawk Wealth Advisors Inc. bought a new stake in shares of Rio Tinto Group during the 2nd quarter worth about $547,000. Captrust Financial Advisors boosted its stake in shares of Rio Tinto Group by 21.3% during the 2nd quarter. Captrust Financial Advisors now owns 23,134 shares of the mining company's stock worth $1,411,000 after acquiring an additional 4,064 shares in the last quarter. Finally, SRS Capital Advisors Inc. boosted its stake in shares of Rio Tinto Group by 26.9% during the 2nd quarter. SRS Capital Advisors Inc. now owns 2,473 shares of the mining company's stock worth $151,000 after acquiring an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 10.05% of the company's stock.

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.