Mining giant Rio Tinto half-year net profit nearly doubles

Andrew Cummings
August 2, 2017

"These are strong results: operating cash flow was 6.3 billion United States dollars (£4.8 billion) and we met our 2 billion USA dollar (£1.5 billion) cash cost reduction target six months early". The stock of Rio Tinto plc (ADR) (NYSE:RIO) earned "Overweight" rating by Morgan Stanley on Wednesday, October 7.

Among 20 analysts covering Rio Tinto (NYSE:RIO), 14 have Buy rating, 3 Sell and 3 Hold.

ILLEGAL ACTIVITY NOTICE: "Rio Tinto PLC (RIO) Scheduled to Post Quarterly Earnings on Wednesday" was published by Week Herald and is owned by of Week Herald. The company has a market cap of $84.68 billion, a price-to-earnings ratio of 18.44 and a beta of 0.95.

Several institutional investors have recently bought and sold shares of RIO. If you are accessing this piece of content on another publication, it was copied illegally and republished in violation of United States and global trademark and copyright laws. Pinnacle Associates Ltd. boosted its position in shares of Rio Tinto PLC by 1.4% in the first quarter. The correct version of this news story can be read at

Rio Tinto declared an interim dividend per share of 110.0 U.S. cents, more than double the 45.0 USA cents paid out for 2016 interims.

Rio Tinto plc is a mining and metals company.

06/30/2017 - Rio Tinto Plc was upgraded to " by analysts at Bank of America Merrill Lynch.

The Anglo-Australian firm unveiled a 1 billion USA dollar (£756 million) share buy-back, as underlying earnings soared by 152% to 3.9 billion United States dollars (£2.9 billion) for the half year. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock.

Want to see what other hedge funds are holding RIO? Finally, New Century Investment Management Inc. purchased a new position in shares of Rio Tinto PLC during the fourth quarter worth $1,578,000.

The U.K. -Australian company has benefited from higher prices for its output, from coal to iron ore, which buoyed revenue and nearly doubled cash flow from its operations. The Company's business is finding, mining and processing mineral resources.

That was despite production of iron ore and steel-making coking coal struggling over the first half with disruptive wet weather and rail maintenance in Australia, prompting Rio Tinto to scale back its production targets for both for the full year. The price of iron ore was volatile in the first half, having traded as high as $95 a tonne in February to a low of around $53 a tonne in June.

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