Rio Tinto Group (NYSE:RIO) Plans Semi-annual Dividend of $1.77

Rio Tinto Group (NYSE:RIO) declared a semi-annual dividend on Thursday, August 1st, Wall Street Journal reports. Investors of record on Friday, August 16th will be given a dividend of 1.77 per share by the mining company on Thursday, September 26th. This represents a yield of 6.8%. The ex-dividend date of this dividend is Friday, August 16th.

Rio Tinto Group has raised its dividend payment by an average of 1.4% per year over the last three years. Rio Tinto Group has a payout ratio of 72.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Rio Tinto Group to earn $7.64 per share next year, which means the company should continue to be able to cover its $5.16 annual dividend with an expected future payout ratio of 67.5%.

Rio Tinto Group Price Performance

RIO traded down $1.69 on Thursday, hitting $63.47. 2,954,959 shares of the company were exchanged, compared to its average volume of 2,701,281. The firm has a fifty day simple moving average of $67.07 and a two-hundred day simple moving average of $67.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. Rio Tinto Group has a 12 month low of $58.27 and a 12 month high of $75.09.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RIO shares. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 21st. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. Citigroup lowered Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Finally, Berenberg Bank lowered Rio Tinto Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 27th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Rio Tinto Group Company Profile

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.