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

Rio Tinto PLC (NYSE:RIO) was the target of a significant decrease in short interest in 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 trading volume of 4,436,257 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.0% of the company’s stock are sold short. Currently, 1.0% of the company’s stock are sold short. Based on an average trading volume of 4,436,257 shares, the days-to-cover ratio is currently 2.8 days.

Analyst Ratings Changes

A number of research firms recently weighed in on RIO. Argus upped 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 reissued a “hold (c+)” rating on shares of Rio Tinto in a report on Monday, December 29th. HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a report on Monday, January 26th. Morgan Stanley downgraded Rio Tinto from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 28th. Finally, Erste Group Bank raised Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $85.00.

Rio Tinto Stock Performance

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

Hedge Funds Weigh In On Rio Tinto

A number of hedge funds have recently modified their holdings of RIO. Fisher Asset Management LLC raised its position in Rio Tinto by 2.7% in the 4th quarter. Fisher Asset Management LLC now owns 19,642,744 shares of the mining company’s stock valued at $1,572,009,000 after purchasing an additional 522,576 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Rio Tinto by 0.4% in the second quarter. Franklin Resources Inc. now owns 5,496,126 shares of the mining company’s stock valued at $320,589,000 after buying an additional 20,138 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Rio Tinto by 170.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company’s stock worth $311,023,000 after buying an additional 2,451,140 shares during the last quarter. Bank of America Corp DE increased its position in Rio Tinto by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock valued at $208,430,000 after acquiring an additional 763,786 shares during the period. Finally, Bank of Montreal Can raised its stake in Rio Tinto by 8.6% during the 4th quarter. Bank of Montreal Can now owns 2,221,469 shares of the mining company’s stock valued at $177,784,000 after acquiring an additional 175,833 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

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.