Rio Tinto plc ADR (NYSE:RIO) – Jefferies Financial Group dropped their FY2019 EPS estimates for shares of Rio Tinto in a report released on Tuesday, October 16th. Jefferies Financial Group analyst C. Lafemina now expects that the mining company will post earnings of $4.88 per share for the year, down from their prior forecast of $4.95. Jefferies Financial Group has a “Buy” rating and a $67.00 price objective on the stock. Jefferies Financial Group also issued estimates for Rio Tinto’s FY2020 earnings at $4.70 EPS.
A number of other brokerages have also recently issued reports on RIO. Royal Bank of Canada cut Rio Tinto from a “sector perform” rating to an “underperform” rating in a report on Wednesday, July 25th. Zacks Investment Research cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. HSBC upgraded Rio Tinto from a “hold” rating to a “buy” rating in a report on Thursday, June 21st. Deutsche Bank reiterated a “neutral” rating on shares of Rio Tinto in a report on Monday, July 16th. Finally, ValuEngine upgraded Rio Tinto from a “sell” rating to a “hold” rating in a report on Monday, September 24th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $57.06.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trust Department MB Financial Bank N A purchased a new stake in shares of Rio Tinto during the 3rd quarter valued at $102,000. Gables Capital Management Inc. purchased a new stake in shares of Rio Tinto during the 1st quarter valued at $103,000. Whittier Trust Co. increased its position in shares of Rio Tinto by 605.9% during the 2nd quarter. Whittier Trust Co. now owns 2,047 shares of the mining company’s stock valued at $111,000 after purchasing an additional 1,757 shares during the last quarter. Summit Trail Advisors LLC increased its position in shares of Rio Tinto by 5,481.0% during the 1st quarter. Summit Trail Advisors LLC now owns 137,405 shares of the mining company’s stock valued at $137,000 after purchasing an additional 134,943 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Rio Tinto during the 2nd quarter valued at $166,000. 7.12% of the stock is owned by institutional investors and hedge funds.
The business also recently declared a semiannual dividend, which was paid on Thursday, September 20th. Investors of record on Friday, August 10th were given a $1.271 dividend. This represents a yield of 4.9%. The ex-dividend date was Thursday, August 9th. Rio Tinto’s payout ratio is currently 53.03%.
About Rio Tinto
Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, industrial minerals (borates, titanium dioxide, and salt), iron ore, thermal and metallurgical coal, and uranium, as well as sulphuric acid, rhenium, lead carbonate, and selenium.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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