Rio Tinto PLC (RIO) Shares Gap Up to $32.74
Rio Tinto PLC (NYSE:RIO) gapped up prior to trading on Monday . The stock had previously closed at $32.50, but opened at $32.74. Rio Tinto PLC shares last traded at $33.13, with a volume of 2,151,330 shares.
A number of equities research analysts have weighed in on RIO shares. Vetr upgraded shares of Rio Tinto PLC from a “sell” rating to a “hold” rating and set a $33.97 price target on the stock in a research note on Monday, April 25th. Cowen and Company reiterated a “market perform” rating and set a $35.00 price target (up previously from $27.00) on shares of Rio Tinto PLC in a research note on Tuesday, May 3rd. Deutsche Bank AG reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Friday, July 15th. Jefferies Group reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Thursday, July 14th. Finally, Investec reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Wednesday, August 3rd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $35.25.
The stock’s 50-day moving average is $31.57 and its 200 day moving average is $29.31. The firm has a market capitalization of $59.85 billion and a price-to-earnings ratio of 1512.27.
The firm also recently disclosed a dividend, which will be paid on Thursday, September 22nd. Investors of record on Friday, August 12th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, August 10th.
A number of institutional investors have recently bought and sold shares of RIO. BNP Paribas Arbitrage SA increased its position in Rio Tinto PLC by 33.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 445,951 shares of the mining company’s stock valued at $12,986,000 after buying an additional 112,290 shares in the last quarter. Jennison Associates LLC increased its position in Rio Tinto PLC by 3.6% in the fourth quarter. Jennison Associates LLC now owns 1,297,016 shares of the mining company’s stock valued at $37,769,000 after buying an additional 45,254 shares in the last quarter. Morgan Stanley increased its position in Rio Tinto PLC by 24.2% in the fourth quarter. Morgan Stanley now owns 1,156,480 shares of the mining company’s stock valued at $33,677,000 after buying an additional 225,384 shares in the last quarter. Finally, Boston Partners purchased a new position in Rio Tinto PLC during the fourth quarter valued at approximately $2,517,000.
Rio Tinto plc (Rio Tinto) is an international mining company. Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, gold, industrial minerals (borates, titanium dioxide and salt), iron ore, thermal and metallurgical coal and uranium.
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