Rio Tinto Group (NYSE:RIO) Short Interest Update

Rio Tinto Group (NYSE:RIO) was the recipient of a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 7,870,000 shares, an increase of 26.3% from the April 30th total of 6,230,000 shares. Approximately 0.6% of the company’s stock are sold short. Based on an average daily volume of 3,200,000 shares, the short-interest ratio is currently 2.5 days.

Wall Street Analyst Weigh In

RIO has been the subject of a number of research reports. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. Wall Street Zen cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 28th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday. DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Finally, Morgan Stanley lowered Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, April 9th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Hedge Funds Weigh In On Rio Tinto Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wayfinding Financial LLC bought a new position in Rio Tinto Group during the first quarter valued at about $30,000. Rakuten Securities Inc. grew its stake in shares of Rio Tinto Group by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after purchasing an additional 211 shares during the period. Mechanics Financial Corp bought a new stake in shares of Rio Tinto Group in the 4th quarter valued at approximately $29,000. Pandora Wealth Inc. bought a new stake in shares of Rio Tinto Group in the 1st quarter valued at approximately $30,000. Finally, Alpine Bank Wealth Management bought a new stake in shares of Rio Tinto Group in the 1st quarter valued at approximately $30,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Trading Down 0.5%

Shares of RIO opened at $58.55 on Thursday. Rio Tinto Group has a 12-month low of $51.67 and a 12-month high of $72.08. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $73.42 billion, a price-to-earnings ratio of 9.08, a P/E/G ratio of 0.42 and a beta of 0.73. The stock’s 50-day moving average price is $59.22 and its 200 day moving average price is $60.75.

About Rio Tinto Group

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.