Glencore (LON:GLEN) Sets New 1-Year Low – Here’s What Happened

Glencore plc (LON:GLEN) hit a new 52-week low during trading on Friday . The company traded as low as GBX 305.80 ($3.95) and last traded at GBX 306.30 ($3.95), with a volume of 493486438 shares trading hands. The stock had previously closed at GBX 310 ($4.00).

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GLEN. Morgan Stanley raised Glencore to an “overweight” rating and set a GBX 470 ($6.07) price target on the stock in a research report on Tuesday, February 18th. Citigroup reaffirmed a “top pick” rating on shares of Glencore in a research report on Thursday, December 12th. Royal Bank of Canada decreased their price objective on Glencore from GBX 480 ($6.20) to GBX 440 ($5.68) and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Berenberg Bank initiated coverage on Glencore in a research note on Monday, March 10th. They set a “buy” rating and a GBX 380 ($4.91) price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 480 ($6.20) price objective on shares of Glencore in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of GBX 476.43 ($6.15).

Glencore Price Performance

The firm has a market capitalization of £45.64 billion, a P/E ratio of -83.79, a price-to-earnings-growth ratio of 0.43 and a beta of 1.21. The company has a debt-to-equity ratio of 77.14, a quick ratio of 0.32 and a current ratio of 1.30. The business has a 50 day simple moving average of GBX 340.42 and a two-hundred day simple moving average of GBX 371.99.

Glencore Cuts Dividend

The firm also recently announced a dividend, which will be paid on Friday, September 19th. Shareholders of record on Thursday, August 28th will be paid a $0.05 dividend. The ex-dividend date is Thursday, August 28th. This represents a yield of 1.21%. Glencore’s dividend payout ratio is currently -280.06%.

About Glencore

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.