Glencore (LON:GLEN) Hits New 1-Year High – Here’s Why

Glencore plc (LON:GLEN) hit a new 52-week high during trading on Tuesday . The company traded as high as GBX 623.80 and last traded at GBX 622.50, with a volume of 66625250 shares changing hands. The stock had previously closed at GBX 603.80.

Analyst Ratings Changes

Several brokerages recently weighed in on GLEN. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 700 price target on shares of Glencore in a report on Monday, July 6th. Berenberg Bank dropped their price objective on shares of Glencore from GBX 750 to GBX 740 and set a “buy” rating on the stock in a report on Friday, August 7th. Citigroup increased their price objective on shares of Glencore from GBX 770 to GBX 780 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. JPMorgan Chase & Co. reduced their price objective on Glencore from GBX 520 to GBX 510 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a GBX 630 price objective on shares of Glencore in a research report on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of GBX 660.

Glencore Stock Performance

The company has a debt-to-equity ratio of 108.47, a current ratio of 1.06 and a quick ratio of 0.32. The firm has a fifty day simple moving average of GBX 555.17 and a 200 day simple moving average of GBX 553.85. The company has a market capitalization of £73.00 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 0.43 and a beta of 0.51.

Glencore Company Profile

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.