Rio Tinto Sees Unusually High Options Volume (NYSE:RIO)

Rio Tinto PLC (NYSE:RIO) was the recipient of unusually large options trading activity on Thursday. Stock investors acquired 1,248,427 call options on the company. This represents an increase of approximately 17,817% compared to the average daily volume of 6,968 call options.

Rio Tinto Stock Performance

Shares of NYSE RIO traded down $2.84 during midday trading on Thursday, hitting $93.41. The company had a trading volume of 4,859,351 shares, compared to its average volume of 4,245,593. Rio Tinto has a twelve month low of $51.67 and a twelve month high of $101.53. The business has a 50-day simple moving average of $90.82 and a two-hundred day simple moving average of $76.28. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33.

Rio Tinto Dividend Announcement

The company also recently declared a dividend, which will be paid on Thursday, April 16th. Stockholders of record on Friday, March 6th will be paid a dividend of $2.54 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a dividend yield of 527.0%.

Hedge Funds Weigh In On Rio Tinto

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RIO. Argus increased their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Weiss Ratings upgraded Rio Tinto from a “hold (c)” rating to a “buy (b-)” rating in a research note on Friday, February 20th. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. HSBC lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. Finally, Barclays downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $85.00.

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.