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

Rio Tinto Group (NYSE:RIO) declared a semi-annual dividend on Wednesday, July 31st, Wall Street Journal reports. Shareholders 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 is Friday, August 16th.

Rio Tinto Group has increased its dividend by an average of 1.4% annually over the last three years. Rio Tinto Group has a payout ratio of 72.0% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shares of RIO traded down $1.68 during trading hours on Thursday, reaching $63.48. 3,489,219 shares of the company traded hands, compared to its average volume of 2,702,939. 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. The business has a fifty day moving average price of $67.07 and a 200-day moving average price of $67.00.

Analyst Ratings Changes

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

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.