Rio Tinto (NYSE:RIO) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Rio Tinto PLC (NYSE:RIO)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $97.35 and traded as high as $105.39. Rio Tinto shares last traded at $105.33, with a volume of 3,303,212 shares trading hands.

Analyst Ratings Changes

RIO has been the subject of a number of research reports. Zacks Research cut shares of Rio Tinto from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Morgan Stanley lowered shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a report on Wednesday, July 8th. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Finally, Berenberg Bank set a $113.00 target price on Rio Tinto in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto currently has a consensus rating of “Hold” and an average price target of $105.50.

Rio Tinto Trading Up 3.1%

The business has a fifty day moving average of $95.97 and a 200-day moving average of $97.35. 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 Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Thursday, September 24th. Shareholders 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 of this dividend is Friday, August 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RIO. D.A. Davidson & CO. boosted its position in shares of Rio Tinto by 16.7% during the fourth 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 raised its position in Rio Tinto by 56.6% in the 4th quarter. Jennison Associates LLC now owns 187,269 shares of the mining company’s stock valued at $14,987,000 after buying an additional 67,683 shares during the last quarter. Concurrent Investment Advisors LLC raised 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 buying an additional 14,079 shares during the last quarter. QRG Capital Management Inc. lifted its stake 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 valued at $6,478,000 after acquiring an additional 22,893 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its stake in Rio Tinto by 45.3% during 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 in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Company Profile

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.