Rio Tinto to buy back another $US2.5b of shares

Rio Tinto sold Coal & Allied its New South Wales business to Yancoal Australia a Chinese-backed company for $2.7 billion

Rio Tinto sold Coal & Allied its New South Wales business to Yancoal Australia a Chinese-backed company for $2.7 billion

Barclays PLC has a 12-month low of GBX 155.95 and a 12-month high of GBX 267.32. Jefferies maintained Rio Tinto plc (LON:RIO) rating on Wednesday, August 12.

A number of brokerages recently commented on BARC. Lastly, UBS AG fixed a GBX 3,750 ($50.56) target price on Rio Tinto and issued the shares a "buy" recommendation in a analysis report on Wed, Aug 30th. The company has recorded a 50-day moving average of $47.23 and a 200-day moving average of $42.74. GBX 479.08's average target is 2.55% above currents GBX 467.15 stock price. The one year target is $34.15 with three equity analysts rating the company a strong buy, zero equity analysts rating the company a buy, one equity analyst rating the company a hold, one equity analyst rating the company a underperform, and lastly zero equity analysts rating the company a sell. Deutsche Bank AG set a GBX 267 ($3.45) price objective on shares of Barclays PLC and gave the company a "buy" rating in a research report on Monday, April 10th.

Rio will buy about $560 million of Rio Tinto Ltd. shares, with the remaining $1.9 billion being used to expand its existing on-market buyback of Rio Tinto Plc shares, the company said in a statement Thursday. Goldman Sachs Group, Inc. The company has a consensus rating of "Buy" and a consensus target price of $47.50.

Rio Tinto completed the sale of Coal & Allied Industries on the first day of September, as Yancoal Australia Ltd agreed to pay USD2.69 billion in return, with USD2.45 billion in cash payable on completion and USD240 million in unconditional guaranteed royalty payments. The company has market cap of 63.48 billion GBP. Capital Fund Management S.A. now owns 7,770 shares of the mining company's stock valued at $316,000 after buying an additional 14,770 shares during the last quarter. BNP Paribas Arbitrage SA now owns 36,243 shares of the mining company's stock valued at $1,474,000 after buying an additional 19,893 shares during the last quarter.

COPYRIGHT VIOLATION WARNING: This news story was reported by TrueBlueTribune and is the sole property of of TrueBlueTribune. 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.

The firm also recently declared a None dividend, which was paid on Thursday, September 21st. The ex-dividend date was Wednesday, August 9th.

Rio Tinto will return $2.5 billion to shareholders in a buyback after selling most of its Australian coal assets to China-backed Yancoal, the mining giant said yesterday. The Company's divisions include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations.

Global miner Rio Tinto put its focus on returning cash to shareholders after beating profit forecasts on the back of cost-cutting and a strong recovery in iron ore prices.

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