The Rio Tinto Restricted (ASX: RIO) share worth has flatlined lately and is at present round 2% increased than this time final month.

The miner’s shares closed on Thursday buying and selling at $97.10 apiece, inside vary of their July 2022 ranges.

However what do brokers take into consideration the Rio Tinto share worth? Let’s have a look.

Are Rio Tinto shares a purchase?

Analyst opinion is pretty combined on the inventory’s standing, with 11 out of 18 brokers saying it’s a purchase and the rest ranking it a maintain, in accordance with Refinitiv Eikon knowledge.

The consensus worth goal from this record is $113.36 per share, suggesting the group predicts a sizeable quantity of upside but to be priced in.

These at Citi mentioned that Rio nonetheless produces “sturdy” free money stream, which might doubtlessly pay as much as $8.32 per share in dividends in FY22.

That dividend might doubtlessly enhance to $9.40 per share in FY23 if the miner continues its tempo of free money stream era, Citi says.

In the meantime, iron ore continues its sharp ascent and has reversed off highs of USD$119 per tonne on 1 August to reset at USD$105 per tonne on final verify.

The volatility is matched inside the Rio share worth over prolonged intervals, as seen within the chart beneath over the previous six months.

With these components in thoughts, it will depend on investor course of and choice as as to whether Rio Tinto shares are a purchase proper now or not.

Analyst sentiment is tilted to bullish. Nonetheless, underlying market fundamentals is likely to be tightening, in accordance with Buying and selling Economics.

“Demand has additionally been suppressed by a worsening macroeconomic backdrop for the Chinese language economic system, with the most recent knowledge displaying regarding figures for industrial manufacturing and retail gross sales that added to woes relating to the monetary stability of the nation’s property builders,” it mentioned in a latest word.

The Rio Tinto share worth is down greater than 9% over the previous 12 months.