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Investor Confidence Dwindles After Rio Tinto Group. (NYSE: RIO) Shares Gain By About 0.13

Rio Tinto Group (NYSE:RIO) has a beta value of 0.68 and has seen 0.62 million shares traded in the recent trading session. The company, currently valued at $128.53B, closed the recent trade at $79.12 per share which meant it gained $0.13 on the day or 0.16% during that session. The RIO stock price is -6.18% off its 52-week high price of $84.01 and 35.64% above the 52-week low of $50.92. If we look at the company’s 10-day average daily trading volume, we find that it stood at 2.9 million shares traded. The 3-month trading volume is 3.38 million shares.

The consensus among analysts is that Rio Tinto Group (RIO) is an Overweight stock at the moment, with a recommendation rating of 1.80. 0 analysts rate the stock as a Sell, while 0 rate it as Overweight. 6 out of 11 have rated it as a Hold, with 4 advising it as a Buy. 1 have rated the stock as Underweight.

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Rio Tinto Group (NYSE:RIO) trade information

Sporting 0.16% in the green today, the stock has traded in the green over the last five days, with the highest price hit on Tuesday, 01/24/23 when the RIO stock price touched $79.12 or saw a rise of 0.89%. Year-to-date, Rio Tinto Group shares have moved 10.94%, while the 5-day performance has seen it change 3.98%. Over the past 30 days, the shares of Rio Tinto Group (NYSE:RIO) have changed 11.66%. Short interest in the company has seen 11.82 million shares shorted with days to cover at 2.6.

Wall Street analysts have a consensus price target for the stock at $77.22, which means that the shares’ value could drop -2.46% from the levels at last check today. The projected low price target is $64.50 while the price target rests at a high of $95.00. In that case, then, we find that the latest price level in today’s session is -20.07% off the targeted high while a plunge would see the stock lose 18.48% from the levels at last check today.

Rio Tinto Group (RIO) estimates and forecasts

Figures show that Rio Tinto Group shares have underperformed across the wider relevant industry. The company’s shares have gained 32.38% over the past 6 months, with this year growth rate of -51.26%, compared to 8.50% for the industry.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 38.40% over the past 5 years. Earnings growth for 2023 is a modest 115.90% while over the next 5 years, the company’s earnings are expected to decrease by -3.30%.

RIO Dividends

Rio Tinto Group is expected to release its next earnings report in February this year, and investors are excited at the prospect of better dividends despite the company’s debt issue. The forward dividend is 6.84 at a share yield of 8.66%. The company’s dividend yield has gone up over the past 12 months.

Rio Tinto Group (NYSE:RIO)’s Major holders

Insiders own 0.00% of the company shares, while shares held by institutions stand at 10.57% with a share float percentage of 10.57%. Investors are also buoyed by the number of investors in a company, with Rio Tinto Group having a total of 775 institutions that hold shares in the company. The top two institutional holders are Fisher Asset Management, LLC with over 14.85 million shares worth more than $905.66 million. As of Jun 29, 2022, Fisher Asset Management, LLC held 1.19% of shares outstanding.

The other major institutional holder is State Farm Mutual Automobile Insurance Co, with the holding of over 10.93 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $666.84 million and represent 0.88% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Washington Mutual Investors Fund and Franklin Custodian Funds-Income Fund. As of Sep 29, 2022, the former fund manager holds about 0.64% shares in the company for having 7.97 million shares of worth $438.58 million while later fund manager owns 5.12 million shares of worth $312.6 million as of Jun 29, 2022, which makes it owner of about 0.41% of company’s outstanding stock.

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