Rio Tinto Group (RIO) to Issue Semi-annual Dividend of $2.23 on April 17th

Rio Tinto Group (NYSE:RIO) announced a semi-annual dividend on Monday, February 24th, Wall Street Journal reports. Shareholders of record on Friday, March 7th will be paid a dividend of 2.23 per share by the mining company on Thursday, April 17th. This represents a yield of 7%. The ex-dividend date is Friday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

Rio Tinto Group has decreased its dividend by an average of 14.1% per year over the last three years. Rio Tinto Group has a dividend payout ratio of 70.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Rio Tinto Group to earn $6.73 per share next year, which means the company should continue to be able to cover its $4.50 annual dividend with an expected future payout ratio of 66.9%.

Rio Tinto Group Price Performance

Rio Tinto Group stock opened at $63.29 on Wednesday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The business’s 50 day simple moving average is $60.87 and its 200 day simple moving average is $62.88. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24. The company has a market cap of $79.31 billion, a price-to-earnings ratio of 9.81, a PEG ratio of 0.42 and a beta of 0.65.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Finally, Jefferies Financial Group dropped their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

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.