Rio Tinto PLC (RIO) Shares Gap Down to $48.84

Rio Tinto PLC (NYSE:RIO)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $49.97, but opened at $48.84. Rio Tinto PLC shares last traded at $47.97, with a volume of 2,591,200 shares changing hands.

Several equities analysts have weighed in on RIO shares. Zacks Investment Research raised Rio Tinto PLC from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 5th. ValuEngine downgraded Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Bank of America Corporation raised Rio Tinto PLC from an “underperform” rating to a “buy” rating in a research report on Friday, June 30th. Royal Bank Of Canada downgraded Rio Tinto PLC from a “top pick” rating to an “outperform” rating in a research report on Tuesday, August 15th. Finally, Cowen and Company reaffirmed a “market perform” rating and issued a $45.00 target price (down from $47.00) on shares of Rio Tinto PLC in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $47.50.

The stock has a market cap of $86.01 billion, a P/E ratio of 13.99 and a beta of 0.98. The company has a 50-day moving average of $47.10 and a 200-day moving average of $42.60.

The business also recently declared a None dividend, which will be paid on Thursday, September 21st. Investors of record on Friday, August 11th will be issued a $1.10 dividend. The ex-dividend date is Wednesday, August 9th.

Several hedge funds and other institutional investors have recently made changes to their positions in RIO. Knowledge Leaders Capital LLC lifted its holdings in shares of Rio Tinto PLC by 126.0% in the 2nd quarter. Knowledge Leaders Capital LLC now owns 2,393 shares of the mining company’s stock worth $101,000 after purchasing an additional 1,334 shares during the last quarter. Acrospire Investment Management LLC lifted its holdings in shares of Rio Tinto PLC by 13.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,599 shares of the mining company’s stock worth $110,000 after purchasing an additional 299 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Rio Tinto PLC in the 1st quarter worth approximately $111,000. Hudock Capital Group LLC lifted its holdings in shares of Rio Tinto PLC by 125.4% in the 2nd quarter. Hudock Capital Group LLC now owns 2,795 shares of the mining company’s stock worth $118,000 after purchasing an additional 1,555 shares during the last quarter. Finally, UBS Asset Management Americas Inc. bought a new stake in shares of Rio Tinto PLC in the 4th quarter worth approximately $119,000. 6.88% of the stock is currently owned by institutional investors and hedge funds.

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About Rio Tinto PLC

Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.

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