Citigroup Inc. Downgrades Rio Tinto plc (RIO) to Sell
Rio Tinto plc (LON:RIO) was downgraded by Citigroup Inc. to a “sell” rating in a research note issued on Thursday. They presently have a GBX 2,450 ($30.32) price target on the stock, down from their prior price target of GBX 2,600 ($32.18). Citigroup Inc.’s price objective indicates a potential downside of 6.22% from the stock’s previous close.
RIO has been the topic of several other reports. BNP Paribas reissued a “neutral” rating and set a GBX 1,950 ($24.13) price target on shares of Rio Tinto plc in a research note on Monday, June 27th. Credit Suisse Group AG increased their price target on shares of Rio Tinto plc from GBX 2,100 ($25.99) to GBX 2,300 ($28.47) and gave the company a “neutral” rating in a research note on Monday, September 19th. Jefferies Group reissued a “buy” rating on shares of Rio Tinto plc in a research note on Friday, July 15th. Barclays PLC reissued an “overweight” rating and set a GBX 2,600 ($32.18) price target on shares of Rio Tinto plc in a research note on Thursday, August 4th. Finally, JPMorgan Chase & Co. set a GBX 3,000 ($37.13) price target on shares of Rio Tinto plc and gave the company a “buy” rating in a research note on Thursday, July 14th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. Rio Tinto plc currently has a consensus rating of “Hold” and an average target price of GBX 2,625.96 ($32.50).
Rio Tinto plc (LON:RIO) opened at 2614.50 on Thursday. The stock’s 50 day moving average is GBX 2,458.92 and its 200 day moving average is GBX 2,261.04. The stock’s market capitalization is GBX 47.03 billion. Rio Tinto plc has a 12-month low of GBX 1,557.00 and a 12-month high of GBX 2,800.00.
The business also recently announced a dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, August 11th were paid a dividend of GBX 33.80 ($0.42) per share. This represents a dividend yield of 1.39%. The ex-dividend date was Thursday, August 11th.
About Rio Tinto plc
Rio Tinto plc (Rio Tinto) is a global mining company. Rio Tinto focuses on finding, mining, and processing the Earth’s mineral resources. The Company operates through five product groups, including aluminum, copper, diamonds and minerals, energy product and iron ore. Its aluminum product group includes business includes bauxite mines, large-scale alumina refineries aluminum smelters.
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