Category: Stock Market

The Woolworths Group Ltd (ASX: WOW) share price is well in the green today.

Shares in the supermarket giant are currently trading 1.19% higher at a new, all-time high of $40.70. This comes despite the company receiving a negative ruling on one of its proposed land developments in Melbourne.

Let’s take a closer look at the news.

Woolworths share price jumps despite ruling

The Woolworths share price appears to be shrugging off an unfavorable tribunal ruling on Thursday.

As reported by The Age, the company’s development plans for a property in south-east Melbourne have been thwarted for a second time.

Woolworths put forward a proposal to develop two apartment towers and a grocery store at its property in Elsternwick.

The proposal was delivered to and rejected by councillors from the City of Glen Eira.

Councillors rejected the proposal based on the low-rise status of the heritage street.

This is the second rejection Woolworths has received for its development plans at the site.

Residents of the area have protested against the development since Woolworths bought the land in 2017.

Woolworths had previously presented its plans to the Victorian Civil and Administrative Tribunal (VCAT) last year.

Following the original rejection of its proposal, the company amended the development plans by reducing the proposed height from 14 storeys down to 10 however this has not been sufficient for approval.

The Woolworths share price is having a positive day on the ASX despite the plan’s rejection.

At the time of writing, shares in the supermarket giant are trading at both an intraday and a new, all-time high.

Snapshot of the Woolworths share price

The Woolworths share price has had a stellar year thus far. Since the start of the year, shares in the supermarket giant have stormed more than 17% higher.

There have been several catalysts that have boosted shares in Woolworths.  

Of particular note was the company’s $10 billion demerger of its Endeavour business.

The demerger saw Endeavour Group Ltd (ASX: EDV) become a separately-listed entity that owns retail and drinks businesses.

These include popular bottle shop chains Dan Murphy’s and BWS as well as 300 licensed venues and 12,000 gaming machines.

In addition, Woolworths’ grocery business has seen elevated consumer demand given COVID-19 induced lockdowns.

Woolworths has looked to capitalise on this increased demand by launching a digital wallet for its Everyday Rewards loyalty program.

No doubt shareholders will be keeping a close eye on the Woolworths share price this reporting season.

The supermarket giant is slated to release its results for the full year on 26 August.

The post Woolworths (ASX:WOW) share price at new high despite development ruling appeared first on The Motley Fool Australia.

More reading

• Why the Woolworths (ASX: WOW) share price has underperformed the ASX 200 in the last year
• Woolworths (ASX:WOW) share price struggles after online order outage
• ASX 200 Weekly Wrap: Blockbuster Afterpay deal turbocharges ASX to new record highs
• Woolworths (ASX:WOW) share price rises as it launches new homewares range
• Woolworths (ASX:WOW) share price unhurt by call for COVID bouncers

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The QBE Insurance Group Ltd (ASX: QBE) share price is charging higher, up more than 8% in early afternoon trading.

Investor interest appears to have been piqued by the strong growth reported by the S&P/ASX 200 Index (ASX: XJO) insurance heavyweight in its half year financial results, released this morning.

What’s did the ASX 200 insurance company report?

QBE’s shares are surging after the company reported its adjusted cash profit lifted to US$463 million (AU$625 million) for the first half of the financial year. That’s up from a loss of US$66 million in the prior half year.

Also flipping from a negative to a positive figure was QBE’s underwriting result. This went from a loss of US$189 million in the prior half to a positive US$642 million in H1FY21.

Income hungry investors may also be helping drive the QBE share price higher today.

The company declared an interim dividend of 11 Australian cents per share. That’s up from 4 cents per share in the previous half.

QBE did not provide guidance for the second half of the 2021 financial year.

QBE share price snapshot

Over the past 12 months QBE has gained 24%. That’s right in line with the gains posted by the ASX 200.

Year-to-date, the QBE share price has been a stellar performer, up 46% in 2021.

The post QBE (ASX:QBE) share price leaping 8% higher on results appeared first on The Motley Fool Australia.

More reading

• Who are the biggest movers on the ASX 300 this Thursday?
• ASX 200 midday update: Telstra, NAB, & QBE results
• QBE (ASX:QBE) share price up 7% after dividend boost
• Why GrainCorp, Myer, QBE, & Telstra shares are storming higher
• QBE (ASX:QBE) share price in focus after delivering strong first half growth

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 300 Index (ASX: XKO) is slightly higher today after reaching a record high yesterday morning.

At the time of writing, the ASX 300 is settling around 7,583 points, up 0.1%.

Let’s take a look at which top ASX 300 shares are some of the biggest movers today.

Who are the biggest gainers today?

GrainCorp Ltd (ASX: GNC)

The best performer on the ASX 300 today is none other than GrainCorp. The company surprised the market by upgrading its FY21 guidance. As a result, GrainCorp is surging 14.99% to a multi-year high of $6.29. The company will report its final FY21 results on 11 November.

QBE Insurance Group Ltd (ASX: QBE)

Following suit, QBE shares have catapulted 8.04% to a 52-week high of $12.50. This comes as the insurance giant announced a strong first-half performance for FY21. The company highlighted a turnaround in its underwriting result and adjusted cash profit after tax. QBE declared a dividend of 11 cents per share to be paid on 24 September.

Coronado Global Resources Inc (ASX: CRN)

Coronado is also on the rise, pushing 5.94% higher to $1.07. With no news out of the company today, however, it appears shareholders are reacting to its half-year result released on Tuesday. The company reported revenue of $800.4 million, up 12% year-on-year.

A recent broker note from Morgans, raised their price target for Coronado shares by 14% to $1.21. This implies an upside of around 13% based on the current share price.

And the biggest fallers?

Rio Tinto Limited (ASX: RIO)

Heading south today is Rio Tinto’s shares. The mining giant is down a sizeable 6.82% to $120.33. This follows the company’s shares trading ex-dividend in which shareholders have sold off their holdings, but are still eligible for the upcoming dividend. Rio Tinto is set to pay a total dividend of roughly $7.60 per share comprising of an interim and special dividend. Shareholders can expect their accounts to be rewarded on 23 September.

AGL Energy Limited (ASX: AGL)

The last big mover for the day is AGL shares, down 4.21% to $7.28. The energy producer released its FY21 full-year results this morning, disappointing investors with a 34% drop in underlying profits. The company said it will pay a dividend of 34 cents per share on 29 September.

The post Who are the biggest movers on the ASX 300 this Thursday? appeared first on The Motley Fool Australia.

More reading

• AGL (ASX:AGL) dividend slashed. Share price down 3% on Thursday
• Why the Rio Tinto (ASX:RIO) share price is down 7% today
• ASX 200 midday update: Telstra, NAB, & QBE results
• QBE (ASX:QBE) share price up 7% after dividend boost
• Why GrainCorp, Myer, QBE, & Telstra shares are storming higher

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Yesterday I looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Credit Suisse, its analysts have downgraded this banking giant’s shares to an underperform rating with a $95.00 price target. The broker made the move on valuation grounds, believing that there is limited upside ahead due to the multiples its shares trade on. In addition, the broker has downgraded its earnings estimates to reflect CBA’s higher expenses and lower net interest margin. The CBA share price is fetching $105.54 today.

Computershare Ltd (ASX: CPU)

A note out of Citi reveals that its analysts have retained their sell rating but lifted their price target on this stock transfer company’s shares slightly to $15.30. This follows the release of its full year results for FY 2021. While Computershare delivered a result and guidance in line with its expectations, it isn’t enough for a change of rating. Citi continues to believe its shares are a touch expensive relative to its near term growth prospects. The Computershare share price is trading at $16.24 this afternoon.

Fortescue Metals Group Limited (ASX: FMG)

Analysts at Morgans have retained their reduce rating and $19.30 price target on this iron ore producer’s shares. According to the note, the broker suspects that Fortescue’s shares could tumble once they trade ex-dividend. It highlights that in February, all three large miners fell by more than three times their dividend in the month after going ex-dividend. In addition to this, it has concerns over its increasing costs and market sentiment relating to Fortescue’s push into green energy. The Fortescue share price is fetching $22.63 today.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• What impact has BNPL giant Klarna had on the CBA (ASX:CBA) share price?
• ASX 200 rises, CBA climbs after FY21 report, Iress jumps
• The ASX reporting wrap-up: CBA, Mineral Resources, IAG
• CBA (ASX:CBA) share buyback ahead of forecast: broker
• What you need to know about the CBA (ASX:CBA) dividend dates in 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The AMP Ltd (ASX: AMP) share price is lifting higher as we walk through afternoon trade.

AMP shares are on the move after the company posted its half-year results. Let’s investigate further.

What did AMP announce?

In a positive for the AMP share price, the company recognised a 57% year-on-year increase in net profit, reaching $181 million.

Moreover, its Australian wealth management assets under management (AUM) grew 8% also.

This carried through to surplus capital of $452 million above target requirements. As a result, the group’s underlying return on equity was 8.3%, up from 6% the year prior.

In contrast to these results, AMP decided against paying a dividend, as the board seeks to ring-fence capital budgeting, which is consistent with previous language on its balance sheet. For instance, AMP has other drains and pulls on liquidity in its AMP Capital Private Markets demerger to consider.

However, AMP authorised a share repurchase program of $200 million on 30 June, to offset this cancelled dividend. Little colour was given in the report on when investors can expect the dividend to be reinstated.

AMP did however give colour on FY21 guidance expectations. It sees controllable costs of $775 million, in line with previous guidance.

Moreover, AMP estimates the cadence of loan growth for AMP Bank will remain strong into the second half, whereas AMP Capital FY21 earnings are tipped for a down-step from the year prior.

Investors have rallied the AMP share price as we walk through afternoon trade, on heavy volume.

Shares in the financial services giant are now exchanging hands at $1.12 apiece, a 3.89% gain on the day, and nearly a 2% gain from midday.

AMP share price snapshot

The AMP share price has posted a year-to-date loss of 28%, extending the previous 12 month’s loss of 19%.

These results have lagged the S&P/ASX 200 Index (ASX: XJO)’s return of around 25% over the past year.

The post The AMP (ASX:AMP) share price is pushing 4% higher this afternoon appeared first on The Motley Fool Australia.

More reading

• AMP (ASX:AMP) share price higher despite cancelled dividend
• AMP (ASX:AMP) share price on watch as net profit jumps 57%
• How did the AMP share price respond last earnings season?
• The AMP (ASX:AMP) share price is trading on a forecast 9.4% dividend yield
• If you invested $1000 in AMP (ASX:AMP) shares a decade ago, this is how much it would be worth now

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Galan Lithium Ltd (ASX: GLN) share price won’t be going anywhere on Thursday after the company requested a trading halt.

What’s the trading halt for?

The trading halt was requested on the basis of an upcoming capital raising.

The company advised that its shares will remain halted until Monday, 16 August or upon the release of the announcement.

The decision to raise capital comes right after the Galan Lithium share price surged 23.08% to $1.28 in August.

What’s next for Galan Lithium?

Galan Lithium operates the Humbre Muerto Salar project, located in the world-renowned lithium triangle in Argentina.

According to a recent company presentation for the battery minerals conference in Perth, Galan Lithium has described its project as one with some of the “best grades” and “lowest impurities” in Argentina.

The company’s preliminary economic studies and scoping study highlight a long life project yielding more than 40 years at a production rate of 20,000 tonnes per annum of battery grade lithium carbonate.

The project is expected to have a competitive capex of US$388 million with a 30% contingency.

The area possesses a rich setting for lithium brine development with features such as groundwaters sourced from volcanic rocks, hydrothermal activity and an arid climate.

The project is well-advanced in terms of exploration activities and is currently focused on the completion of a pre-feasibility study and pilot plant permits.

According to the company’s June quarter results, it is currently engaged with WSP Consulting Chile and SRK Consulting in transforming the project’s significant resource into reserves, the main foundation of its feasibility study.

The company expects drilling to follow soon after and is currently in advanced discussions with drilling companies to execute the program.

At the end of the June quarter, Galan Lithium had a cash on hand position of $15.5 million.

Galan Lithium share price snapshot

The Galan Lithium share price has joined in on the red hot lithium sector, surging 245% year-to-date.

Galan Lithium has a market capitalisation of approximately $313 million.

The post Why is the Galan Lithium (ASX:GLN) share price frozen? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• The AMP (ASX:AMP) share price is pushing 4% higher this afternoon
• The Telstra (ASX:TLS) share price is driving 4% higher on Thursday
• The Downer (ASX:DOW) share price is driving 4% higher this afternoon
• AGL (ASX:AGL) dividend slashed. Share price down 3% on Thursday

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Telstra Corporation Ltd (ASX: TLS) share price is surging higher this Thursday. At the time of writing, Telstra shares are up a healthy 3.66% to $3.97 a share. That share price represents a new 52-week high for this ASX 200 telco. That well eclipses the previous 52-week high of $3.88 a share that we saw earlier this week.

Telstra share price surges on FY2021 earnings report

It’s fairly obvious why Telstra shares are rising so steeply today. This morning, the telco released its FY2021 earnings report to the markets, and it has evidently been well received by investors.

As we covered extensively on the Fool earlier this morning, Telstra reported that its total income and earnings before interest, tax, depreciation and amortisation (EBITDA) both fell by 11.6% and 14.2% respectively. Even so, it managed to increase its net profit after tax by 3.4% to $1.9 billion. It also managed to bump up its free cash flow by 11.6% to $3.8 billion.

Those last numbers meant that the telco was able to keep its dividend steady at 8 cents per share. As well as initiate a $1.25 billion share buyback program.

This last news will probably come as a relief for income investors. These investors, perhaps still burned from Telstra’s 2017 dividend cuts, may have been nervously eyeing Telstra’s still-generous dividend yield. At an annualised 16 cents per share, Telstra is still offering a forward yield of 4.02% on current pricing.

The share buybacks have no doubt been welcomed by investors too. Buybacks, by decreasing the overall share count, increase each Telstra shares’ earnings per share (EPS), and are usually conducive to higher share prices due to the laws of supply and demand (less supply means higher prices).

At the current Telstra share price, the company has a market capitalisation of 36.4 million, and a price-to-earnings (P/E) ratio of 26.64.

The post The Telstra (ASX:TLS) share price is driving 4% higher on Thursday appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Telstra, NAB, & QBE results
• Telstra (ASX:TLS) share price lifts off after dividend announcement
• Everything to know about the Telstra (ASX:TLS) $1.35bn share buyback
• Why GrainCorp, Myer, QBE, & Telstra shares are storming higher
• Telstra (ASX:TLS) share price on watch after hitting guidance & $1.35bn buyback

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Downer EDI Limited (ASX: DOW) share price is 4.42% higher in early afternoon trade following the release of the company’s full-year results for financial year 2021.

To the market’s delight, Downer this morning reported a profit for the financial year just been.

After closing yesterday’s session at $5.54, the Downer share price is currently $5.78.

Let’s take a closer look how Downer performed over the 12 months ended 30 June 2021.

The financial year that’s been for Downer

The Downer share price is responding well to the company’s full-year results.

Downer has reported an underlying net profit after tax and amortisation of $261.2 million ­– 21.4% more than it reported last year.

It also clocked in a statutory net profit after tax of $230 million. That’s a significant improvement from its previous financial year’s statutory net profit, which came in at a loss of $105.8 million.

The Downer share price is also likely being driven higher by its latest dividend.

The company has handed a 12 cent final dividend back to the holders of each of its shares. That brings its total dividends for the financial year to 21 cents. All dividends given to Downer’s shareholders during the 2021 financial year were fully franked.

Downer share price snapshot

Today’s 4.42% gain has helped boost recent performance on the ASX.

Shares in the company are now trading for 6% more than they were at the start of 2021. They’ve also gained 34% since this time last year.

For comparison, the S&P/ASX 200 Index (ASX:XJO) has gained 23% over the last 12 months.

The post The Downer (ASX:DOW) share price is driving 4% higher this afternoon appeared first on The Motley Fool Australia.

More reading

• ASX tech shares lagging the ASX 200 on Thursday
• ASX 200 midday update: Telstra, NAB, & QBE results
• The Downer (ASX:DOW) share price on watch after FY21 earnings
• 5 things to watch on the ASX 200 on Thursday
• Here are 3 of the most heavily traded ASX 200 shares today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The AGL Energy Limited (ASX: AGL) share price is in the red straight out of the blocks in early trade.

AGL shares are on the move down as the energy giant updated its dividend schedule as part of its FY21 earnings report.

Let’s investigate a little further.

AGL’s dividend

AGL has an extensive dividend history that dates back to 2003. It resumed payments in 2013 after an eight year pause.

AGL’s dividend has been quite growth-agnostic across the term of its distribution schedule.

To illustrate, in the period of 2003 – 2021, AGL grew its dividend at a compound annual growth rate (CAGR) of only 1.94%. Prior to the dividend haircuts in 2020 and 2021, the CAGR was 7.2%.

In a negative note for the AGL share price, AGL declared a full year dividend of 75 cents per share in its FY21 results, which is an approximate 23.5% down-step from the year prior.

In addition, it is both the interim and final dividend of 35 cents and 41 cents respectively, that came in behind the previous year’s payouts.

The down-step occurred on the backdrop of a 10% year on year decrease in revenue, coupled with a 33.5% slide in underlying profits, to $537 million.

Furthermore, this caps of a choppy year for AGL, after it announced plans to demerge into two standalone businesses earlier in the year.

This coincided with the suspension of its special dividend program, where it intended to pay 25% of underlying profits to shareholders over the coming periods.

What does this mean for investors and the AGL share price?

Back on 30 July, we calculated that AGL’s dividend was not enough to overcome the underperformance of its share price on the charts over the last 5 years.

AGL shareholders still realised a loss of 12.4% on their initial investment, if purchasing 1,000 AGL shares on 1 March 2015 and holding until 30 July, when factoring in the total return received in capital gains and dividends. Stripping the dividend out of the equation, the loss mushrooms to 52%.

Therefore, some might argue that AGL’s dividend has provided some downside coverage over the past 5 years.

Furthermore, The Motley Fool encourages investors to consider the notion of a “value trap” when investing in dividend-paying shares, in AGL’s case.

To illustrate, there is an inverse relationship between dividend yield and price. When price goes down, yield goes up, and vice versa.

AGL’s share price has tanked more than 61% over the past 5 years, whereas its dividend has increased over that time.

The apparent dividend yield on AGL shares, therefore, appears to be high, but investors must also consider that this may not be an accurate representation of the investment case, due to the underperforming share price.

Such is the case right now with AGL shares, which now trade on a dividend yield of roughly 9–10% after this morning’s update.

In addition, given that dividends do provide some downside cover to share price depreciation, the down-step is unlikely to please investors.

Therefore, it stands to reason that investors are selling AGL shares in droves on the back of its FY21 dividend and results. To illustrate, AGL shares are now exchanging hands at $7.29 apiece, a 4% dip into the red from the open.

Foolish takeaway

AGL is reigning in its dividend payout further, as per its FY21 results. This marks a further downstep in AGL’s distribution schedule, which has faced headwinds over the last two years.

The AGL share price has posted a loss of 57% over the last 12 months and 39% since January 1. This is well behind the S&P/ASX 200 Index (ASX: XJO)’s return of around 25% over the past year.

Finally, investors also need to consider the concept of a value trap in their due diligence for dividend paying shares.

The post AGL (ASX:AGL) dividend slashed. Share price down 3% on Thursday appeared first on The Motley Fool Australia.

More reading

• AGL (ASX:AGL) share price on watch following FY21 earnings
• 5 things to watch on the ASX 200 on Thursday
• How did the AGL (ASX:AGL) share price perform last earnings season?
• What can we learn from the AGL Energy (ASX:AGL) share price history?
• Could it be time to consider buying AGL (ASX:AGL) shares?

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Rio Tinto Limited (ASX: RIO) share price has been the worst performer on the S&P/ASX 200 Index (ASX: XJO) on Thursday.

In afternoon trade, the mining giant’s shares are down 7% to $120.35.

Why is the Rio Tinto share price sinking?

The good news for shareholders is that the decline in the Rio Tinto share price has nothing to do with commodity prices or anything operational.

Rather, today’s decline has been driven almost entirely by the fact that the mining giant’s shares are trading ex-dividend today.

When a share trades ex-dividend, it means it is trading without the rights to an upcoming dividend payment.

As result, this morning the company’s share price dropped to reflect the fact that new buyers will not be receiving its upcoming dividend.

The Rio Tinto dividend

Eligible Rio Tinto shareholders can now look forward to receiving the company’s interim and special dividends next month on 23 September.

The mining giant is paying its shareholders fully franked dividends totalling 760.06 cents per share. This comprises an interim dividend of 509.42 cents per share and a special dividend of 250.64 cents per share.

As a comparison, the Rio Tinto share price has fallen 879 cents today. This means that 86% of this decline is attributable to the dividends that will be paid.

What about the rest?

The rest of the weakness in the Rio Tinto share price is likely to be due to profit taking from investors.

With Rio Tinto shares up strongly over the last 12 months, some investors may be cashing in now that they have locked in this bumper dividend.

Though, if analysts at Macquarie are on the money, it might be a little too soon to do that. At the end of last month the broker put an outperform rating and $162.00 price target on its shares. This implies potential upside of almost 35% over the next 12 months.

The post Why the Rio Tinto (ASX:RIO) share price is down 7% today appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Telstra, NAB, & QBE results
• Is the Rio Tinto (ASX:RIO) share price a buy right now?
• How does the Rio Tinto (ASX:RIO) dividend compare to the materials sector?
• ASX 200 shares could get boost on prediction that A$ will crash to US68c
• How is the Mineral Resources (ASX:MIN) share price holding up against the materials sector?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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