Rio Tinto PLC to Post FY2016 Earnings of $2.17 Per Share, Jefferies Group Forecasts (RIO)
Rio Tinto PLC (NYSE:RIO) – Jefferies Group raised their FY2016 earnings estimates for Rio Tinto PLC in a research note issued on Friday. Jefferies Group analyst C. Lafemina now anticipates that the brokerage will post earnings per share of $2.17 for the year, up from their prior forecast of $1.99. Jefferies Group has a “Buy” rating and a $41.00 price target on the stock. Jefferies Group also issued estimates for Rio Tinto PLC’s FY2018 earnings at $2.62 EPS.
A number of other research analysts also recently issued reports on RIO. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Rio Tinto PLC in a report on Wednesday, June 22nd. Deutsche Bank AG reissued a “buy” rating on shares of Rio Tinto PLC in a report on Wednesday, June 22nd. Vetr downgraded Rio Tinto PLC from a “strong-buy” rating to a “buy” rating and set a $34.00 target price on the stock. in a report on Thursday, June 23rd. Goldman Sachs Group Inc. raised Rio Tinto PLC from a “sell” rating to a “neutral” rating in a report on Monday, June 27th. Finally, Argus reissued a “buy” rating and issued a $36.00 target price on shares of Rio Tinto PLC in a report on Monday, June 27th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $34.78.
Rio Tinto PLC (NYSE:RIO) opened at 31.81 on Monday. The stock’s 50 day moving average price is $31.88 and its 200 day moving average price is $31.02. Rio Tinto PLC has a one year low of $21.89 and a one year high of $38.66. The stock has a market cap of $57.22 billion, a price-to-earnings ratio of 1445.91 and a beta of 1.47.
Institutional investors have recently made changes to their positions in the company. BlackRock Advisors LLC raised its stake in shares of Rio Tinto PLC by 335.1% in the second quarter. BlackRock Advisors LLC now owns 1,973,497 shares of the mining company’s stock worth $61,770,000 after buying an additional 1,519,922 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Rio Tinto PLC by 7,072.0% in the first quarter. Wellington Management Group LLP now owns 1,427,805 shares of the mining company’s stock worth $40,363,000 after buying an additional 1,407,897 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Rio Tinto PLC by 2.8% in the second quarter. Franklin Resources Inc. now owns 25,471,792 shares of the mining company’s stock worth $797,267,000 after buying an additional 692,799 shares in the last quarter. FMR LLC acquired a new stake in shares of Rio Tinto PLC during the second quarter worth about $21,447,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Rio Tinto PLC during the first quarter worth about $18,376,000. Hedge funds and other institutional investors own 6.72% of the company’s stock.
The business also recently announced a dividend, which was paid on Thursday, September 22nd. Stockholders of record on Friday, August 12th were issued a $0.45 dividend. The ex-dividend date was Wednesday, August 10th.
Rio Tinto PLC Company Profile
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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