Rio Tinto (NYSE:RIO) Cut to “Hold” at Investec

Investec lowered shares of Rio Tinto (NYSE:RIO) from a buy rating to a hold rating in a research report sent to investors on Thursday, The Fly reports.

RIO has been the subject of a number of other reports. Societe Generale restated a buy rating on shares of Rio Tinto in a research note on Thursday, April 23rd. Exane BNP Paribas downgraded Rio Tinto from an outperform rating to a neutral rating in a research note on Friday, June 5th. Zacks Investment Research downgraded Rio Tinto from a strong-buy rating to a hold rating in a research note on Wednesday. BMO Capital Markets upgraded Rio Tinto from a market perform rating to an outperform rating in a research note on Wednesday, April 1st. Finally, ValuEngine downgraded Rio Tinto from a sell rating to a strong sell rating in a research note on Friday, July 24th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Rio Tinto presently has a consensus rating of Hold and a consensus price target of $64.50.

RIO stock remained flat at $$61.04 during mid-day trading on Thursday. The company’s stock had a trading volume of 3,109,873 shares, compared to its average volume of 1,943,182. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.61 and a quick ratio of 1.24. The stock’s 50 day moving average is $58.39 and its 200 day moving average is $52.12. The company has a market capitalization of $76.18 billion, a P/E ratio of 9.64 and a beta of 0.65. Rio Tinto has a 12-month low of $35.35 and a 12-month high of $62.94.

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 17th. Investors of record on Friday, August 7th will be issued a $1.55 dividend. This represents a yield of 6.3%. The ex-dividend date of this dividend is Thursday, August 6th. Rio Tinto’s dividend payout ratio is currently 72.99%.

A number of institutional investors have recently modified their holdings of RIO. TFG Advisers LLC purchased a new stake in shares of Rio Tinto in the 4th quarter valued at approximately $26,000. Harbor Investment Advisory LLC acquired a new position in Rio Tinto during the first quarter valued at approximately $27,000. Ballast Advisors LLC acquired a new position in Rio Tinto during the first quarter valued at approximately $29,000. Solstein Capital LLC acquired a new position in Rio Tinto during the first quarter valued at approximately $39,000. Finally, Global Retirement Partners LLC lifted its position in Rio Tinto by 27.3% during the second quarter. Global Retirement Partners LLC now owns 1,323 shares of the mining company’s stock valued at $74,000 after buying an additional 284 shares in the last quarter. 7.51% of the stock is owned by institutional investors.

Rio Tinto Company Profile

Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.

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