Rio Tinto PLC (NYSE:RIO) Short Interest Down 15.4% in March

Rio Tinto PLC (NYSE:RIO) was the recipient of a significant decline in short interest during the month of March. As of March 31st, there was short interest totaling 10,150,098 shares, a decline of 15.4% from the March 15th total of 11,998,736 shares. Currently, 0.8% of the shares of the company are short sold. Based on an average trading volume of 3,433,828 shares, the days-to-cover ratio is currently 3.0 days.

Analyst Ratings Changes

A number of analysts have issued reports on RIO shares. Erste Group Bank raised Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Barclays downgraded Rio Tinto from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, February 24th. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Monday. HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. Finally, Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 7th. Four investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Rio Tinto currently has a consensus rating of “Hold” and a consensus target price of $81.00.

Institutional Trading of Rio Tinto

A number of institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC purchased a new stake in shares of Rio Tinto in the first quarter worth about $84,000. AQR Capital Management LLC lifted its holdings in shares of Rio Tinto by 78.4% in the first quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock worth $726,000 after buying an additional 5,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Rio Tinto by 20.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock worth $690,000 after buying an additional 1,968 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Rio Tinto by 5.8% in the first quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock worth $317,000 after buying an additional 288 shares in the last quarter. Finally, Focus Partners Wealth lifted its holdings in shares of Rio Tinto by 16.7% in the first quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock worth $962,000 after buying an additional 2,285 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Price Performance

Rio Tinto stock traded up $0.43 during mid-day trading on Friday, reaching $100.14. The company’s stock had a trading volume of 2,791,748 shares, compared to its average volume of 2,782,392. Rio Tinto has a 12-month low of $55.64 and a 12-month high of $101.53. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average price is $94.23 and its two-hundred day moving average price is $82.72.

Rio Tinto Announces Dividend

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

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.