Rio Tinto PLC (NYSE:RIO) shares shot up 2.6% during trading on Tuesday . The stock traded as high as $32.67 and last traded at $32.57, with a volume of 2,927,092 shares traded. The stock had previously closed at $31.73.

Several research firms recently commented on RIO. Deutsche Bank AG reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Monday, April 25th. Investec reiterated a “buy” rating on shares of Rio Tinto PLC in a research note on Wednesday, August 3rd. Beaufort Securities reiterated a “hold” rating on shares of Rio Tinto PLC in a research note on Thursday, August 4th. Cowen and Company reiterated a “market perform” rating and set a $35.00 price objective (up previously from $27.00) on shares of Rio Tinto PLC in a research note on Tuesday, May 3rd. Finally, Zacks Investment Research upgraded shares of Rio Tinto PLC from a “sell” rating to a “hold” rating and set a $36.00 price objective for the company in a research note on Friday, July 8th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $35.25.

The firm has a 50-day moving average price of $32.07 and a 200-day moving average price of $29.68. The company has a market capitalization of $57.96 billion and a P/E ratio of 1464.55.

The business also recently disclosed a dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Friday, August 12th will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, August 10th.

Other institutional investors have made changes to their positions in the company. Jennison Associates LLC boosted its position in shares of 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 worth $37,769,000 after buying an additional 45,254 shares during the last quarter. Morgan Stanley boosted its position in shares of Rio Tinto PLC by 24.2% in the fourth quarter. Morgan Stanley now owns 1,156,480 shares of the mining company’s stock worth $33,677,000 after buying an additional 225,384 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of 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 worth $12,986,000 after buying an additional 112,290 shares during the last quarter. Finally, Bridgewater Associates LP boosted its position in shares of Rio Tinto PLC by 22.4% in the fourth quarter. Bridgewater Associates LP now owns 374,900 shares of the mining company’s stock worth $10,917,000 after buying an additional 68,600 shares during the last quarter.

Rio Tinto plc is a mining company. The Company focuses on finding, mining, processing and marketing the Earth’s mineral resources. The Company’s segments include aluminum, copper and coal, diamonds and minerals, and iron ore. The Company’s aluminum business includes bauxite mines, alumina refineries and aluminum smelters.

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