Glencore (OTCMKTS:GLNCY) Shares Gap Down - Here's What Happened

Key Points

• Glencore's shares gapped down from $8.00 to $7.79 before market opening, currently trading at $7.82 with a volume of 7,907 shares.
• Goldman Sachs downgraded Glencore to a "neutral" rating, while Citigroup maintained a "buy" rating, contributing to an average rating of "Strong Buy" from analysts.
• The company announced a dividend of $0.085 per share to be paid on October 3rd, with a significant dividend yield of 210.0% based on the recent trading prices.

Glencore PLC (OTCMKTS:GLNCY - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $8.00, but opened at $7.79. Glencore shares last traded at $7.82, with a volume of 7,907 shares.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLNCY. The Goldman Sachs Group cut Glencore to a "neutral" rating in a research report on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of Glencore in a research note on Thursday, August 14th. Four equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Strong Buy".

Glencore Trading Down 2.0%

The stock has a 50 day moving average of $8.03 and a two-hundred day moving average of $7.66. The company has a quick ratio of 0.60, a current ratio of 1.20 and a debt-to-equity ratio of 0.77.

Glencore Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 1st will be paid a $0.085 dividend. The ex-dividend date is Friday, August 29th. This represents a dividend yield of 210.0%.

About Glencore

Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. It operates through two segments: Marketing Activities and Industrial Activities. The company engages in production and marketing copper, cobalt, lead, nickel, zinc, chrome ore, ferrochrome, vanadium, aluminum, alumina, and iron ore; and coal, crude oil, refined products, and natural gas, as well as oil exploration/production and refining/distribution.

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