Glencore (LON:GLEN) Sets New 1-Year High - What's Next?

Key Points

• Shares hit a new 52-week high of GBX 540, last trading at GBX 538.40 and up about 2% on heavy volume of 245,264,078 shares.
• The stock is trading above its 50-day (GBX 509) and 200-day (GBX 413.91) moving averages; the company has a market cap of £62.97 billion but shows a high P/E (179.47) and meaningful leverage (debt-to-equity 109.99).
• Analyst views are broadly positive but mixed—RBC raised its target to GBX 540 (outperform), JPMorgan to GBX 450 (neutral) and Berenberg set GBX 600 (buy); consensus is a Moderate Buy with an average price target of GBX 470.

Shares of Glencore plc (LON:GLEN - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as GBX 540 and last traded at GBX 538.40, with a volume of 245264078 shares trading hands. The stock had previously closed at GBX 527.90.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Royal Bank Of Canada lifted their price objective on Glencore from GBX 530 to GBX 540 and gave the stock an "outperform" rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. increased their target price on Glencore from GBX 400 to GBX 450 and gave the company a "neutral" rating in a research note on Wednesday, December 3rd. Finally, Berenberg Bank decreased their target price on Glencore from GBX 610 to GBX 600 and set a "buy" rating for the company in a research report on Thursday, March 5th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of GBX 470.

Glencore Trading Up 2.0%

The company has a market capitalization of £62.97 billion, a P/E ratio of 179.47, a PEG ratio of 0.43 and a beta of 0.67. The company has a debt-to-equity ratio of 109.99, a current ratio of 1.06 and a quick ratio of 0.32. The business's 50-day moving average price is GBX 509 and its two-hundred day moving average price is GBX 413.91.

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. 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.

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