Rio Tinto plc ADR [NYSE: RIO] price plunged by -1.82 percent to reach at -$1.18. The company report on February 26, 2024 at 1:17 PM that Rio Tinto IOC and Government of Canada partner to decarbonize iron ore processing in Labrador West.
The Government of Canada awarded C$18.1 million from its Low Carbon Economy Fund to Rio Tinto’s Iron Ore Company of Canada (IOC) to support the decarbonization of iron ore processing at its operations in Labrador West.
The funding will enable IOC to reduce the amount of heavy fuel oil that is consumed in the production of iron ore pellets and concentrate. The company will install an electric boiler to displace emissions from the usage of the heavy fuel oil boilers, as well as instrumentation and fuel-efficient burners to further reduce heavy fuel oil consumption from induration machines.
The one-year RIO stock forecast points to a potential upside of 22.28. The average equity rating for RIO stock is currently 1.67, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Rio Tinto plc ADR [RIO]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RIO shares is $81.92 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RIO stock is a recommendation set at 1.67. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Liberum have made an estimate for Rio Tinto plc ADR shares, keeping their opinion on the stock as Hold, with their previous recommendation back on March 05, 2024. While these analysts kept the previous recommendation, Goldman raised their target price to Buy. The new note on the price target was released on January 12, 2024, representing the official price target for Rio Tinto plc ADR stock.
The Average True Range (ATR) for Rio Tinto plc ADR is set at 1.20, with the Price to Sales ratio for RIO stock in the period of the last 12 months amounting to 1.48. The Price to Book ratio for the last quarter was 1.89, with the Price to Cash per share for the same quarter was set at 8.62. Price to Free Cash Flow for RIO in the course of the last twelve months was 9.42 with Quick ratio for the last quarter at 1.17.
RIO Stock Performance Analysis:
Rio Tinto plc ADR [RIO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.33. With this latest performance, RIO shares dropped by -6.81% in over the last four-week period, additionally plugging by 0.57% over the last 6 months – not to mention a drop of -9.84% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RIO stock in for the last two-week period is set at 37.41, with the RSI for the last a single of trading hit 36.43, and the three-weeks RSI is set at 38.96 for Rio Tinto plc ADR [RIO]. The present Moving Average for the last 50 days of trading for this stock 68.77, while it was recorded at 64.46 for the last single week of trading, and 65.82 for the last 200 days.
Insight into Rio Tinto plc ADR Fundamentals:
Rio Tinto plc ADR’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.17 and a Current Ratio set at 1.69.
RIO Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for RIO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Rio Tinto plc ADR go to -3.30%.
Rio Tinto plc ADR [RIO] Institutonal Ownership Details
The top three institutional holders of RIO stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in RIO stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in RIO stock with ownership which is approximately 5.8325%.
