Rio Tinto PLC (RIO) Sees Large Growth in Short Interest
Rio Tinto PLC (NYSE:RIO) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 13,212,586 shares, a growth of 41.0% from the August 15th total of 9,370,998 shares. Based on an average daily trading volume, of 3,321,848 shares, the short-interest ratio is currently 4.0 days.
Shares of Rio Tinto PLC (RIO) opened at 47.63 on Monday. The company has a market capitalization of $85.40 billion, a PE ratio of 13.89 and a beta of 0.98. Rio Tinto PLC has a one year low of $29.79 and a one year high of $49.89. The company has a 50-day moving average of $47.15 and a 200-day moving average of $42.64.
The firm also recently declared a None dividend, which will be paid on Thursday, September 21st. Shareholders of record on Friday, August 11th will be paid a $1.10 dividend. The ex-dividend date is Wednesday, August 9th.
RIO has been the topic of several research reports. ValuEngine raised Rio Tinto PLC from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Jefferies Group LLC set a $52.00 target price on shares of Rio Tinto PLC and gave the company a “buy” rating in a research note on Friday, August 18th. Axiom Securities reissued a “sell” rating on shares of Rio Tinto PLC in a research note on Thursday, July 13th. BidaskClub downgraded shares of Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Clarkson Capital reissued a “buy” rating on shares of Rio Tinto PLC in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $47.50.
A number of hedge funds have recently modified their holdings of RIO. UBS Asset Management Americas Inc. acquired a new stake in Rio Tinto PLC in the 4th quarter valued at $119,000. Capital Fund Management S.A. increased its stake in Rio Tinto PLC by 211.0% in the 1st quarter. Capital Fund Management S.A. now owns 7,770 shares of the mining company’s stock valued at $316,000 after buying an additional 14,770 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Rio Tinto PLC by 121.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 36,243 shares of the mining company’s stock valued at $1,474,000 after buying an additional 19,893 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Rio Tinto PLC in the 1st quarter valued at $372,000. Finally, Ameriprise Financial Inc. increased its stake in Rio Tinto PLC by 2.7% in the 1st quarter. Ameriprise Financial Inc. now owns 130,621 shares of the mining company’s stock valued at $5,339,000 after buying an additional 3,441 shares during the last quarter. Hedge funds and other institutional investors own 6.88% of the company’s stock.
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About Rio Tinto PLC
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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