Rio Tinto PLC (NYSE:RIO) Short Interest Update

Key Points

• Short interest in Rio Tinto fell 15.4% in March to 10,150,098 shares (about 0.8% of the stock) with a days‑to‑cover ratio of 3.0.
• Wall Street consensus is a "Hold" with a $81.00 average price target; four analysts rate the stock Buy while eleven rate it Hold after a mix of recent downgrades and one upgrade.
• Shares recently traded around $100.14 (near a 52‑week high of $101.53), the 50‑ and 200‑day moving averages are $94.23 and $82.72, and the company paid a $2.54 per‑share dividend with an ex‑dividend date of March 6.

Rio Tinto PLC (NYSE:RIO - Get Free Report) saw a large decrease in short interest in March. As of March 31st, there was short interest totaling 10,150,098 shares, a decrease of 15.4% from the March 15th total of 11,998,736 shares. Based on an average daily trading volume, of 3,433,828 shares, the days-to-cover ratio is presently 3.0 days. Currently, 0.8% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Rio Tinto from a "hold (c)" rating to a "buy (b-)" rating in a research report on Friday, February 20th. HSBC downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Monday, January 26th. Sanford C. Bernstein cut their price target on shares of Rio Tinto from $83.00 to $77.00 and set an "outperform" rating on the stock in a report on Monday, March 9th. Morgan Stanley downgraded shares of Rio Tinto from an "overweight" rating to an "equal weight" rating in a report on Wednesday, January 28th. Finally, DZ Bank downgraded shares of Rio Tinto from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Four investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $81.00.

Rio Tinto Price Performance

Shares of Rio Tinto stock traded up $0.43 during midday trading on Friday, reaching $100.14. 2,791,748 shares of the company's stock traded hands, compared to its average volume of 2,782,392. The company's 50 day simple moving average is $94.23 and its 200 day simple moving average is $82.72. 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 has a 52 week low of $55.64 and a 52 week high of $101.53.

Rio Tinto Dividend Announcement

The firm also recently declared a dividend, which was paid on Thursday, April 16th. Stockholders of record on Friday, March 6th were issued a dividend of $2.54 per share. The ex-dividend date was Friday, March 6th. This represents a dividend yield of 564.0%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. AdvisorNet Financial Inc grew its stake in Rio Tinto by 160.2% in the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company's stock valued at $27,000 after buying an additional 181 shares during the last quarter. PFS Partners LLC acquired a new position in Rio Tinto in the 4th quarter valued at $28,000. Nvest Wealth Strategies Inc. acquired a new position in Rio Tinto in the 4th quarter valued at $28,000. Evelyn Partners Investment Management LLP acquired a new position in Rio Tinto in the 4th quarter valued at $34,000. Finally, Trust Co. of Toledo NA OH acquired a new position in Rio Tinto in the 4th quarter valued at $34,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

About Rio Tinto

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.