Rio Tinto Commits Further USD2.50 Billion To Share Buybacks


The company's stock had a trading volume of 1,441,224 shares.

In addition to Macquarie reporting its stock price target, a total of 26 brokers have issued a research note on the company. Knowledge Leaders Capital LLC grew its holdings in shares of Rio Tinto PLC by 126.0% in the second quarter. MML Investors Services LLC purchased a new stake in Rio Tinto PLC during the second quarter valued at approximately $203,000.

The sale marked Rio Tinto's near exit from thermal coal assets, which it does not consider a core business. Northern Trust Corp now owns 1,166,895 shares of the mining company's stock valued at $49,372,000 after purchasing an additional 9,809 shares during the period. Finally, Ngam Advisors L.P. grew its holdings in shares of Rio Tinto PLC by 43.6% in the first quarter. Huntington National Bank now owns 4,039 shares of the mining company's stock worth $171,000 after purchasing an additional 332 shares during the last quarter. Institutional investors own 6.63% of the company's stock.

In a report released on Friday September 22, 2017 Macquarie increased the stock price target of Rio Tinto PLC (LON:RIO) to 4,300.00GBX reporting a possible upside of 0.24%. J P Morgan Chase & Co raised their price objective on Rio Tinto from GBX 4,000 ($53.93) to GBX 4,100 ($55.28) and issued the company an "overweight" recommendation in a analysis report on Tue, Sep 5th. BNP Paribas fixed a GBX 4,000 ($53.93) price objective on Rio Tinto and issued the company a "buy" recommendation in a analysis report on Wed, Sep 6th. Cowen and Company set a $47.00 target price on shares of Rio Tinto PLC and gave the stock a "hold" rating in a report on Wednesday, August 2nd. Jefferies maintained Rio Tinto plc (LON:RIO) on Monday, February 15 with "Buy" rating. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company's stock. Finally, Royal Bank Of Canada set a GBX 4,400 ($59.32) price objective on Rio Tinto plc and gave the company a "buy" rating in a research note on Saturday, May 20th.

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Rio Tinto's Australian-listed shares have risen more than third in value over the past 12 months. The shares were purchased at an average price of GBX 3,501 ($47.20) per share, for a total transaction of £385.11 ($519.23). The company has a market cap of $85.79 billion, a PE ratio of 13.95 and a beta of 0.98. This year we have announced cash returns to shareholders of USD8.2 billion, comprising USD4.2 billion of dividends and USD4 billion of share buy-backs.

Rio paid its highest interim dividend in August after first-half profit more than doubled.

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Mining giant Rio Tinto will return proceeds from the recent $US2.7 billion sale of its NSW coal operations to shareholders through a share buyback. The Company's segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations.