Rio Tinto Group (NYSE:RIO) Downgraded to Equal Weight Rating by Morgan Stanley

Morgan Stanley downgraded shares of Rio Tinto Group (NYSE:RIO) from an overweight rating to an equal weight rating in a research note released on Wednesday, MarketBeat Ratings reports.

A number of other brokerages have also weighed in on RIO. Jefferies Financial Group reduced their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday, April 4th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They set an “overweight” rating for the company. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Stock Performance

NYSE RIO opened at $56.83 on Wednesday. The firm’s fifty day moving average price is $60.99 and its two-hundred day moving average price is $62.31. The stock has a market cap of $71.26 billion, a PE ratio of 8.81, a PEG ratio of 0.42 and a beta of 0.66. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. Rio Tinto Group has a fifty-two week low of $51.67 and a fifty-two week high of $74.24.

Rio Tinto Group Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be given a dividend of $2.23 per share. This represents a yield of 7%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio is currently 69.15%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Dorsey & Whitney Trust CO LLC increased its position in shares of Rio Tinto Group by 2.0% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company’s stock worth $477,000 after buying an additional 160 shares during the period. Capital Analysts LLC grew its holdings in Rio Tinto Group by 6.0% during the 4th quarter. Capital Analysts LLC now owns 2,886 shares of the mining company’s stock worth $170,000 after acquiring an additional 163 shares during the period. Nemes Rush Group LLC grew its holdings in Rio Tinto Group by 10.0% during the 4th quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company’s stock worth $109,000 after acquiring an additional 169 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Rio Tinto Group by 63.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Finally, Cohen Investment Advisors LLC lifted its stake in shares of Rio Tinto Group by 3.8% in the 4th quarter. Cohen Investment Advisors LLC now owns 5,352 shares of the mining company’s stock valued at $315,000 after purchasing an additional 198 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

About Rio Tinto Group

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.