Rio Tinto PLC (NYSE:RIO) Short Interest Update

Rio Tinto PLC (NYSE:RIO) was the recipient of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 15,103,757 shares, an increase of 36.4% from the November 30th total of 11,070,758 shares. Currently, 1.2% of the company’s shares are sold short. Based on an average daily volume of 3,816,491 shares, the days-to-cover ratio is presently 4.0 days. Based on an average daily volume of 3,816,491 shares, the days-to-cover ratio is presently 4.0 days. Currently, 1.2% of the company’s shares are sold short.

Wall Street Analyst Weigh In

RIO has been the subject of a number of analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday. Citigroup reiterated a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research report on Monday, December 1st. Finally, Argus raised their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.00.

Institutional Investors Weigh In On Rio Tinto

A number of large investors have recently modified their holdings of the business. Live Oak Investment Partners lifted its stake in shares of Rio Tinto by 0.8% in the 2nd quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company’s stock valued at $1,156,000 after purchasing an additional 162 shares during the last quarter. Spire Wealth Management raised its holdings in Rio Tinto by 4.2% in the 3rd quarter. Spire Wealth Management now owns 4,258 shares of the mining company’s stock valued at $281,000 after buying an additional 173 shares during the period. Cornerstone Wealth Management LLC lifted its position in Rio Tinto by 2.7% in the third quarter. Cornerstone Wealth Management LLC now owns 6,620 shares of the mining company’s stock valued at $437,000 after buying an additional 174 shares during the last quarter. Salomon & Ludwin LLC lifted its position in Rio Tinto by 62.2% in the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company’s stock valued at $31,000 after buying an additional 181 shares during the last quarter. Finally, Hamilton Point Investment Advisors LLC boosted its stake in Rio Tinto by 0.4% during the third quarter. Hamilton Point Investment Advisors LLC now owns 42,206 shares of the mining company’s stock worth $2,786,000 after buying an additional 182 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Down 0.6%

Shares of RIO stock traded down $0.49 during mid-day trading on Thursday, hitting $80.03. 967,976 shares of the stock were exchanged, compared to its average volume of 3,235,917. Rio Tinto has a 52-week low of $51.67 and a 52-week high of $82.36. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The firm has a fifty day moving average of $73.59 and a 200 day moving average of $66.23.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.