5 Biggest Dividend Cuts and Suspensions of 2022

3. Rio Tinto Group (NYSE:RIO)

Rio Tinto Group (NYSE:RIO) is an Anglo-Australian multinational mining company that specializes in processing the Earth’s mineral resources. In July this year, the company cut its interim dividend to $0.2665 per share, from $5.61 per share. The company announced one of the biggest dividend cuts because of a sharp decline in profits in the first half of the year. The stock’s dividend yield on December 14 came in at 9.56%.

Morgan Stanley maintained an Equal Weight rating on Rio Tinto Group (NYSE:RIO) in December, with a 5,700 GBP price target.

As of the close of Q3 2022, 26 hedge funds tracked by Insider Monkey owned stakes in Rio Tinto Group (NYSE:RIO), up from 24 in the previous quarter. The collective value of these stakes is over $1.7 billion.