Glencore (LON:GLEN) Hits New 1-Year High – Still a Buy?

Shares of Glencore plc (LON:GLEN) reached a new 52-week high during trading on Tuesday . The stock traded as high as GBX 615 and last traded at GBX 580.06, with a volume of 2147000000 shares changing hands. The stock had previously closed at GBX 567.80.

Wall Street Analysts Forecast Growth

GLEN has been the subject of several analyst reports. Berenberg Bank reissued a “buy” rating and set a GBX 630 price target on shares of Glencore in a research report on Friday, May 1st. Citigroup increased their price target on shares of Glencore from GBX 620 to GBX 670 and gave the company a “buy” rating in a research report on Monday, April 13th. JPMorgan Chase & Co. increased their price target on shares of Glencore from GBX 500 to GBX 560 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Finally, Royal Bank Of Canada increased their price target on shares of Glencore from GBX 530 to GBX 540 and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Glencore currently has an average rating of “Moderate Buy” and a consensus price target of GBX 556.

Glencore Price Performance

The business’s 50 day moving average price is GBX 564.81 and its two-hundred day moving average price is GBX 491.42. The stock has a market cap of £71.57 billion, a P/E ratio of 203.63, a price-to-earnings-growth ratio of 0.43 and a beta of 0.53. The company has a current ratio of 1.06, a quick ratio of 0.32 and a debt-to-equity ratio of 109.99.

Glencore Company Profile

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.