Rio Tinto Group (NYSE:RIO – Get Rating) – Stock analysts at Jefferies Financial Group cut their FY2022 earnings per share (EPS) estimates for shares of Rio Tinto Group in a research report issued to clients and investors on Wednesday, July 27th. Jefferies Financial Group analyst C. Lafemina now forecasts that the mining company will post earnings per share of $8.69 for the year, down from their prior estimate of $9.44. Jefferies Financial Group has a “Buy” rating on the stock. The consensus estimate for Rio Tinto Group’s current full-year earnings is $9.41 per share. Jefferies Financial Group also issued estimates for Rio Tinto Group’s FY2023 earnings at $7.66 EPS, FY2024 earnings at $9.29 EPS and FY2025 earnings at $10.66 EPS.
A number of other equities research analysts have also commented on the company. Morgan Stanley lowered Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, June 22nd. Barclays lowered Rio Tinto Group from an “equal weight” rating to an “underweight” rating in a research report on Tuesday, April 26th. Citigroup upgraded Rio Tinto Group from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 20th. The Goldman Sachs Group upgraded Rio Tinto Group from a “neutral” rating to a “buy” rating in a report on Monday, April 11th. Finally, JPMorgan Chase & Co. lifted their price target on Rio Tinto Group from GBX 5,300 ($63.86) to GBX 5,350 ($64.46) in a report on Thursday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Rio Tinto Group has a consensus rating of “Hold” and an average price target of $4,086.67.
Rio Tinto Group Stock Up 1.9 %
Shares of NYSE RIO opened at $61.03 on Monday. Rio Tinto Group has a one year low of $53.83 and a one year high of $89.39. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.50 and a current ratio of 1.93. The business has a 50-day moving average price of $64.66 and a two-hundred day moving average price of $71.66.
Rio Tinto Group Cuts Dividend
The business also recently announced a semi-annual dividend, which will be paid on Thursday, September 22nd. Investors of record on Friday, August 12th will be issued a $2.67 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a yield of 11.4%.
Institutional Investors Weigh In On Rio Tinto Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Glassman Wealth Services lifted its holdings in Rio Tinto Group by 25.9% in the 1st quarter. Glassman Wealth Services now owns 612 shares of the mining company’s stock worth $49,000 after purchasing an additional 126 shares during the last quarter. Private Capital Group LLC increased its position in Rio Tinto Group by 14.9% in the 1st quarter. Private Capital Group LLC now owns 1,092 shares of the mining company’s stock worth $94,000 after buying an additional 142 shares during the period. Financial Counselors Inc. increased its position in Rio Tinto Group by 2.8% in the 4th quarter. Financial Counselors Inc. now owns 5,526 shares of the mining company’s stock worth $370,000 after buying an additional 148 shares during the period. Credit Agricole S A increased its position in Rio Tinto Group by 30.0% in the 4th quarter. Credit Agricole S A now owns 650 shares of the mining company’s stock worth $44,000 after buying an additional 150 shares during the period. Finally, Capital Analysts LLC increased its position in Rio Tinto Group by 9.8% in the 4th quarter. Capital Analysts LLC now owns 1,820 shares of the mining company’s stock worth $122,000 after buying an additional 163 shares during the period. 10.84% of the stock is currently owned by institutional investors and hedge funds.
About Rio Tinto Group
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.
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