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

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)'s stock price gapped down prior to trading 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 changing hands.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLNCY. Citigroup reiterated a "buy" rating on shares of Glencore in a research note on Thursday, August 14th. The Goldman Sachs Group lowered shares of Glencore to a "neutral" rating in a report on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Strong Buy".

Glencore Price Performance

The stock's 50 day moving average is $8.04 and its two-hundred day moving average is $7.63. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.20 and a quick ratio of 0.60.

Glencore Dividend Announcement

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

Glencore Company Profile

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.