Rio Tinto PLC (NYSE:RIO) Short Interest Update

Key Points

• Rio Tinto's short interest increased by 48.1% in September, reaching 9,390,000 shares, leading to a short-interest ratio of 2.9 days based on an average trading volume of 3,260,000 shares.
• The company announced a recent dividend payment of $1.48 per share, with a dividend yield of 620.0% and a payout ratio of 45.74%.
• Rio Tinto received various ratings from analysts, including a "strong-buy" upgrade from Zacks Research, with a consensus rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto PLC (NYSE:RIO - Get Free Report) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totaling 9,390,000 shares, a growth of 48.1% from the September 15th total of 6,340,000 shares. Based on an average trading volume of 3,260,000 shares, the short-interest ratio is currently 2.9 days. Based on an average trading volume of 3,260,000 shares, the short-interest ratio is currently 2.9 days.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $69.80 on Thursday. Rio Tinto has a 52 week low of $51.67 and a 52 week high of $70.12. 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 stock has a market cap of $87.53 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 5.43 and a beta of 0.66. The company's 50-day moving average price is $64.33 and its two-hundred day moving average price is $61.18.

Rio Tinto Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, September 25th. Investors of record on Friday, August 15th were issued a $1.48 dividend. This represents a dividend yield of 620.0%. The ex-dividend date was Friday, August 15th. Rio Tinto's payout ratio is presently 45.74%.

Institutional Trading of Rio Tinto

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Live Oak Investment Partners increased its position in Rio Tinto by 0.8% in the 2nd quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company's stock worth $1,156,000 after purchasing an additional 162 shares during the last quarter. Aspen Wealth Strategies LLC grew its stake in shares of Rio Tinto by 3.7% in the 1st quarter. Aspen Wealth Strategies LLC now owns 4,810 shares of the mining company's stock valued at $289,000 after buying an additional 172 shares in the last quarter. Salomon & Ludwin LLC increased its holdings in Rio Tinto by 62.2% in the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company's stock worth $31,000 after buying an additional 181 shares during the last quarter. Hamilton Point Investment Advisors LLC raised its position 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 valued at $2,786,000 after acquiring an additional 182 shares in the last quarter. Finally, Gallacher Capital Management LLC lifted its stake in Rio Tinto by 3.6% in the first quarter. Gallacher Capital Management LLC now owns 5,740 shares of the mining company's stock valued at $345,000 after acquiring an additional 201 shares during the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RIO has been the topic of a number of research analyst reports. Zacks Research raised Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Monday, October 6th. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Weiss Ratings restated a "hold (c)" rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Finally, Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

About Rio Tinto

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.

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