Peter Cunningham, an insider at Rio Tinto Group, sold four shares of the company on October 17, 2023, for a total of £203.28. The shares were sold at an average price of GBX 5,082. This transaction occurred on a day when Rio Tinto’s stock opened at GBX 5,305.64, reflecting a slight increase of 0.1% from previous trading sessions.
The mining giant, listed on the London Stock Exchange under the ticker symbol RIO, has a market capitalization of approximately £86.21 billion. Financial metrics indicate a price-to-earnings ratio of 8.45 and a negative PEG ratio of -0.64, alongside a beta of 0.59, indicating lower volatility compared to the market. The company maintains a debt-to-equity ratio of 25.28, a quick ratio of 1.34, and a current ratio of 1.70.
Investors are closely monitoring Rio Tinto’s stock performance, particularly its moving averages. The fifty-day moving average price stands at GBX 4,795.38, while the two-hundred-day moving average is at GBX 4,564.76. Over the past year, the stock has fluctuated between a low of GBX 4,024.50 and a high of GBX 5,341.
Analyst Ratings and Market Insights
Recent research reports have highlighted varying perspectives on Rio Tinto’s stock. Berenberg Bank reaffirmed a “hold” rating on October 15, setting a price target of GBX 5,200. In contrast, Deutsche Bank Aktiengesellschaft lowered its rating to “hold” and adjusted its price target from GBX 5,300 to GBX 5,100 on July 30. Additionally, JPMorgan Chase & Co. revised their target from GBX 6,170 to GBX 6,100 while maintaining an “overweight” rating as of October 15.
On the other hand, Royal Bank of Canada increased its price target for Rio Tinto from GBX 4,700 to GBX 4,900, designating the stock with a “sector perform” rating. Currently, two analysts have assigned a Buy rating, while four have issued a Hold rating. According to data from MarketBeat, the stock holds a consensus rating of “Hold” with a target price averaging GBX 5,516.67.
About Rio Tinto Group
Rio Tinto operates in 35 countries and employs around 60,000 people. The company is a significant player in the mining sector, focusing on essential materials such as iron ore, copper, and aluminium. These resources are crucial for supporting global development and efforts to achieve net-zero carbon emissions.
As the market continues to evolve, stakeholders remain attentive to movements in Rio Tinto’s stock and broader economic indicators. The company is poised to adapt and respond to changing market conditions, ensuring its ongoing role in providing the materials that support growth and progress worldwide.
