Short Interest in Rio Tinto PLC (NYSE:RIO) Grows By 36.4%

Rio Tinto PLC (NYSE:RIO) was the target of a large growth in short interest in December. As of December 15th, there was short interest totaling 15,103,757 shares, a growth of 36.4% from the November 30th total of 11,070,758 shares. Approximately 1.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,816,491 shares, the days-to-cover ratio is presently 4.0 days. Based on an average daily trading volume, of 3,816,491 shares, the days-to-cover ratio is presently 4.0 days. Approximately 1.2% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Tuesday, December 16th. Zacks Research lowered shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Argus lifted their price objective on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Citigroup restated a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rio Tinto in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Institutional Trading of Rio Tinto

Several institutional investors have recently added to or reduced their stakes in RIO. Kingstone Capital Partners Texas LLC bought a new position in shares of Rio Tinto during the second quarter valued at approximately $292,770,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Rio Tinto during the 3rd quarter worth approximately $94,737,000. Marshall Wace LLP purchased a new position in Rio Tinto during the 2nd quarter valued at $49,089,000. Bank of Montreal Can grew its position in Rio Tinto by 71.7% in the 2nd quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock valued at $108,238,000 after acquiring an additional 774,851 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Rio Tinto by 31.9% in the third quarter. Bank of America Corp DE now owns 3,157,545 shares of the mining company’s stock worth $208,430,000 after purchasing an additional 763,786 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Performance

RIO stock traded up $0.15 during mid-day trading on Tuesday, reaching $80.55. 2,238,395 shares of the stock traded hands, compared to its average volume of 3,194,954. Rio Tinto has a one year low of $51.67 and a one year high of $82.36. 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 business has a 50-day moving average price of $73.38 and a two-hundred day moving average price of $66.14.

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.