Brokerages Set Rio Tinto Group (NYSE:RIO) Target Price at $73.00

Rio Tinto Group (NYSE:RIO - Get Free Report) has been given a consensus rating of "Buy" by the ten ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $73.00.

RIO has been the topic of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They issued an "overweight" rating on the stock. Jefferies Financial Group lowered their target price on Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, January 6th. StockNews.com lowered shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 22nd. Clarkson Capital upgraded shares of Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. Finally, DZ Bank upgraded shares of Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, March 27th.

Rio Tinto Group Price Performance

Shares of NYSE:RIO traded down $0.68 during trading on Friday, reaching $59.55. 841,962 shares of the company traded hands, compared to its average volume of 2,832,741. The firm has a market capitalization of $74.67 billion, a PE ratio of 9.23, a PEG ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 52 week low of $57.85 and a 52 week high of $74.24. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The company's 50 day moving average is $62.06 and its two-hundred day moving average is $62.93.

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Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be issued a dividend of $2.23 per share. This represents a yield of 7%. This is a positive change from Rio Tinto Group's previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. Rio Tinto Group's payout ratio is presently 69.15%.

Hedge Funds Weigh In On Rio Tinto Group

Large investors have recently modified their holdings of the business. Fisher Asset Management LLC increased its holdings in Rio Tinto Group by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company's stock valued at $1,035,319,000 after purchasing an additional 76,368 shares during the period. Franklin Resources Inc. increased its stake in shares of Rio Tinto Group by 1.4% in the fourth quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company's stock valued at $300,841,000 after buying an additional 70,131 shares during the period. FMR LLC raised its position in shares of Rio Tinto Group by 24.6% during the fourth quarter. FMR LLC now owns 1,721,690 shares of the mining company's stock worth $101,253,000 after acquiring an additional 339,924 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Rio Tinto Group by 18.9% in the fourth quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company's stock worth $94,275,000 after acquiring an additional 255,151 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Rio Tinto Group by 143,872.8% in the fourth quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock valued at $74,341,000 after acquiring an additional 1,263,203 shares during the last quarter. Institutional investors own 19.33% of the company's stock.

About Rio Tinto Group

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.