Short Interest in Rio Tinto PLC (NYSE:RIO) Declines By 15.5%

Rio Tinto PLC (NYSE:RIO) was the target of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 12,400,882 shares, a drop of 15.5% from the January 15th total of 14,666,987 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 4,436,257 shares, the short-interest ratio is presently 2.8 days. Based on an average daily trading volume, of 4,436,257 shares, the short-interest ratio is presently 2.8 days. Approximately 1.0% of the shares of the company are short sold.

Rio Tinto Stock Performance

Shares of NYSE:RIO traded down $1.25 during trading on Tuesday, reaching $96.82. 3,870,699 shares of the stock traded hands, compared to its average volume of 4,116,505. Rio Tinto has a 52-week low of $51.67 and a 52-week high of $100.33. The stock has a 50-day moving average of $86.36 and a two-hundred day moving average of $73.56. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Citigroup raised shares of Rio Tinto to a “hold” rating in a report on Tuesday, February 10th. HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a report on Monday, January 26th. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Argus boosted their price objective on Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Finally, Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Rio Tinto currently has an average rating of “Moderate Buy” and an average target price of $85.00.

Institutional Trading of Rio Tinto

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