Rio Tinto PLC (NYSE:RIO) Sees Large Decline in Short Interest

Rio Tinto PLC (NYSE:RIO) was the target of a significant decrease in short interest during the month of January. As of January 30th, there was short interest totaling 12,400,882 shares, a decrease of 15.5% from the January 15th total of 14,666,987 shares. Based on an average daily volume of 4,436,257 shares, the days-to-cover ratio is presently 2.8 days. Currently, 1.0% of the shares of the company are short sold. Currently, 1.0% of the shares of the company are short sold. Based on an average daily volume of 4,436,257 shares, the days-to-cover ratio is presently 2.8 days.

Rio Tinto Trading Up 0.1%

Shares of NYSE:RIO opened at $98.03 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The business’s 50 day simple moving average is $85.41 and its 200-day simple moving average is $73.02. Rio Tinto has a 12 month low of $51.67 and a 12 month high of $100.33.

Analyst Ratings Changes

A number of brokerages have commented on RIO. Morgan Stanley downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 29th. HSBC lowered Rio Tinto from a “buy” rating to a “hold” rating in a report on Monday, January 26th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Finally, Citigroup upgraded Rio Tinto to a “hold” rating in a research note on Tuesday, February 10th. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Rio Tinto currently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Institutional Investors Weigh In On Rio Tinto

Large investors have recently added to or reduced their stakes in the business. Glen Eagle Advisors LLC lifted its holdings in shares of Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock valued at $36,000 after purchasing an additional 110 shares in the last quarter. Wealth Quarterback LLC raised its position in shares of Rio Tinto by 1.8% during the 4th quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock worth $523,000 after purchasing an additional 118 shares during the last quarter. Americana Partners LLC lifted its stake in Rio Tinto by 0.8% in the 4th quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after buying an additional 120 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Rio Tinto by 19.1% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock valued at $62,000 after buying an additional 124 shares during the last quarter. Finally, Bailard Inc. increased its position in Rio Tinto by 1.1% during the fourth quarter. Bailard Inc. now owns 12,306 shares of the mining company’s stock worth $985,000 after buying an additional 128 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Company Profile

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.