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

Glencore plc (LON:GLEN) reached a new 52-week low on Thursday . The stock traded as low as GBX 297 ($3.84) and last traded at GBX 298.40 ($3.86), with a volume of 580449063 shares changing hands. The stock had previously closed at GBX 304 ($3.93).

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a GBX 480 ($6.21) price target on shares of Glencore in a research report on Thursday, February 20th. Morgan Stanley upgraded shares of Glencore to an “overweight” rating and set a GBX 470 ($6.08) target price on the stock in a report on Tuesday, February 18th. Royal Bank of Canada cut their price objective on Glencore from GBX 480 ($6.21) to GBX 440 ($5.70) and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Berenberg Bank started coverage on Glencore in a research note on Monday, March 10th. They issued a “buy” rating and a GBX 380 ($4.92) price objective on the stock. Finally, Citigroup reissued a “top pick” rating on shares of Glencore in a research note on Thursday, December 12th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of GBX 476.43 ($6.17).

Glencore Price Performance

The stock has a fifty day simple moving average of GBX 333.50 and a 200-day simple moving average of GBX 367.99. The company has a market capitalization of £44.86 billion, a PE ratio of -82.35, a P/E/G ratio of 0.43 and a beta of 1.21. The company has a current ratio of 1.30, a quick ratio of 0.32 and a debt-to-equity ratio of 77.14.

Glencore Cuts Dividend

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

Insider Buying and Selling at Glencore

In other news, insider Liz Hewitt acquired 50,000 shares of the company’s stock in a transaction on Friday, March 21st. The shares were bought at an average price of GBX 302 ($3.91) per share, with a total value of £151,000 ($195,443.96). 10.35% of the stock is currently owned by insiders.

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.