Rio Tinto (NYSE:RIO) Upgraded to Strong-Buy at Argus

Argus upgraded shares of Rio Tinto (NYSE:RIO) to a strong-buy rating in a research report report published on Thursday morning,Zacks.com reports.

Several other research firms have also issued reports on RIO. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. Royal Bank Of Canada lowered Rio Tinto from a “sector perform” rating to an “underperform” rating in a research note on Wednesday, June 3rd. DZ Bank upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Zacks Research downgraded Rio Tinto from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Finally, Bank of America downgraded shares of Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Rio Tinto presently has an average rating of “Hold” and an average target price of $105.50.

Rio Tinto Price Performance

RIO opened at $105.33 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. Rio Tinto has a 52-week low of $61.13 and a 52-week high of $112.58. The business’s fifty day moving average is $95.97 and its 200-day moving average is $97.35.

Rio Tinto Dividend Announcement

The company also recently declared a dividend, which will be paid on Thursday, September 24th. Stockholders of record on Friday, August 14th will be paid a $2.11 dividend. This represents a dividend yield of 441.0%. The ex-dividend date is Friday, August 14th.

Institutional Investors Weigh In On Rio Tinto

Hedge funds and other institutional investors have recently bought and sold shares of the company. D.A. Davidson & CO. raised its holdings in Rio Tinto by 16.7% in the 4th quarter. D.A. Davidson & CO. now owns 124,182 shares of the mining company’s stock valued at $9,938,000 after buying an additional 17,786 shares during the last quarter. Jennison Associates LLC grew its holdings in Rio Tinto by 56.6% during the 4th quarter. Jennison Associates LLC now owns 187,269 shares of the mining company’s stock worth $14,987,000 after acquiring an additional 67,683 shares during the last quarter. QRG Capital Management Inc. grew its holdings in Rio Tinto by 39.4% during the 4th quarter. QRG Capital Management Inc. now owns 80,940 shares of the mining company’s stock worth $6,478,000 after acquiring an additional 22,893 shares during the last quarter. Concurrent Investment Advisors LLC increased its position in Rio Tinto by 295.2% in the 4th quarter. Concurrent Investment Advisors LLC now owns 18,849 shares of the mining company’s stock valued at $1,509,000 after acquiring an additional 14,079 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its position in Rio Tinto by 45.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 164,527 shares of the mining company’s stock valued at $13,167,000 after acquiring an additional 51,327 shares during the period. Institutional investors own 19.33% of the company’s stock.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.