#4 - Rio Tinto Group (NYSE:RIO)
Mining stocks are cyclical stocks that can be good or bad investments for growth investors based on the price of the underlying commodity. That's the case with Rio Tinto Group (NYSE: RIO), which is the world's second-largest miner.
Rio Tinto mines many of the critical metals and minerals that the world needs, particularly as the shift to lower carbon takes place. This list includes iron ore, aluminum, copper, and lithium, all of which are needed in applications like steel, solar, wind, and electric vehicle manufacturing, just to name a few. And the Biden administration's recent proposal to impose tariffs on Chinese steel could be an additional catalyst.
In 2024, analysts have a Moderate Buy rating on RIO stock with a consensus price target of $72, which gives the stock a 7.7% upside from its April 22, 2024 price. The company also pays a dividend with a current yield of 7.67%, representing only 37% of the company's cash flow.
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.
Read More - Current Price
- $65.19
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 5 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- N/A
