Rio Tinto plc ADR (NYSE:RIO) Short Interest Update

Rio Tinto plc ADR (NYSE:RIO) was the target of a large drop in short interest in July. As of July 31st, there was short interest totalling 6,693,600 shares, a drop of 12.9% from the June 30th total of 7,686,900 shares. Based on an average daily volume of 2,430,000 shares, the days-to-cover ratio is currently 2.8 days. Approximately 0.5% of the company’s stock are sold short.

A number of brokerages have recently weighed in on RIO. Renaissance Capital lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Jefferies Financial Group lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Barclays lowered shares of Rio Tinto from an “equal weight” rating to an “underweight” rating in a research note on Thursday, June 6th. BMO Capital Markets lowered shares of Rio Tinto from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 27th. Finally, Goldman Sachs Group upgraded shares of Rio Tinto from a “neutral” rating to a “buy” rating in a research note on Monday, May 27th. Seven research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $59.77.

NYSE:RIO traded down $1.33 during midday trading on Wednesday, hitting $48.68. 1,446,561 shares of the company were exchanged, compared to its average volume of 2,723,364. The stock has a fifty day moving average of $57.86. Rio Tinto has a fifty-two week low of $44.62 and a fifty-two week high of $64.02. The company has a quick ratio of 1.22, a current ratio of 1.55 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $63.61 billion, a P/E ratio of 9.60 and a beta of 0.83.

A number of large investors have recently made changes to their positions in the stock. IFG Advisory LLC purchased a new position in Rio Tinto during the 1st quarter worth $219,000. Greenleaf Trust grew its position in Rio Tinto by 57.3% during the 2nd quarter. Greenleaf Trust now owns 38,941 shares of the mining company’s stock worth $2,428,000 after purchasing an additional 14,183 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in Rio Tinto during the 1st quarter worth $109,000. Yorktown Management & Research Co Inc grew its position in Rio Tinto by 30.0% during the 1st quarter. Yorktown Management & Research Co Inc now owns 13,000 shares of the mining company’s stock worth $765,000 after purchasing an additional 3,000 shares during the last quarter. Finally, GYL Financial Synergies LLC purchased a new position in Rio Tinto during the 1st quarter worth $256,000. Hedge funds and other institutional investors own 8.64% of the company’s stock.

About Rio Tinto

Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.

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