Short Interest in Rio Tinto Group (NYSE:RIO) Declines By 15.4%

Rio Tinto Group (NYSE:RIO - Get Free Report) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 6,330,000 shares, a decrease of 15.4% from the March 31st total of 7,480,000 shares. Based on an average daily volume of 3,270,000 shares, the days-to-cover ratio is currently 1.9 days. Currently, 0.5% of the shares of the company are short sold.

Rio Tinto Group Trading Up 0.5 %

RIO traded up $0.28 on Tuesday, hitting $59.85. The company had a trading volume of 1,966,816 shares, compared to its average volume of 2,852,651. The company has a market cap of $75.05 billion, a PE ratio of 9.28, a PEG ratio of 0.42 and a beta of 0.73. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The business's fifty day simple moving average is $59.88 and its 200 day simple moving average is $61.25. Rio Tinto Group has a 12-month low of $51.67 and a 12-month high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were given a $2.23 dividend. This represents a yield of 7%. The ex-dividend date was Friday, March 7th. This is an increase from Rio Tinto Group's previous semi-annual dividend of $1.77. Rio Tinto Group's dividend payout ratio is 69.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. StockNews.com downgraded shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Clarkson Capital upgraded shares of Rio Tinto Group to a "strong-buy" rating in a research note on Friday, February 28th. Morgan Stanley lowered shares of Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a research report on Tuesday, March 18th. They set an "overweight" rating for the company. Finally, DZ Bank raised Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. Four analysts have rated the stock with a hold rating, six have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIO. Fisher Asset Management LLC lifted its stake in shares of Rio Tinto Group by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company's stock worth $1,035,319,000 after purchasing an additional 76,368 shares during the last quarter. Auto Owners Insurance Co raised its stake in Rio Tinto Group by 77,150.0% in the 1st quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company's stock worth $445,553,000 after acquiring an additional 7,406,400 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Rio Tinto Group by 1.4% during the fourth quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company's stock worth $300,841,000 after purchasing an additional 70,131 shares during the period. FMR LLC raised its holdings in shares of Rio Tinto Group by 24.6% during the fourth quarter. FMR LLC now owns 1,721,690 shares of the mining company's stock worth $101,253,000 after purchasing an additional 339,924 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Rio Tinto Group by 18.9% in the fourth quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company's stock worth $94,275,000 after buying an additional 255,151 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company's stock.

About Rio Tinto Group

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.