Glencore (LON:GLEN) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Glencore plc (LON:GLEN)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of GBX 506.35 and traded as high as GBX 595.90. Glencore shares last traded at GBX 590.60, with a volume of 30,079,682 shares traded.

Analysts Set New Price Targets

GLEN has been the topic of a number of research reports. JPMorgan Chase & Co. upped their target price on Glencore from GBX 500 to GBX 560 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Berenberg Bank reaffirmed a “buy” rating and set a GBX 630 target price on shares of Glencore in a research report on Friday, May 1st. Jefferies Financial Group reaffirmed a “buy” rating and set a GBX 720 target price on shares of Glencore in a research report on Tuesday, June 9th. Finally, Citigroup increased their price target on Glencore from GBX 6,700 to GBX 7,700 and gave the company a “buy” rating in a research report on Thursday, June 4th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of GBX 1,755.

Glencore Price Performance

The firm has a market capitalization of £69.19 billion, a PE ratio of 196.87, a price-to-earnings-growth ratio of 0.43 and a beta of 0.51. The business has a 50-day moving average of GBX 571.66 and a 200 day moving average of GBX 506.35. The company has a current ratio of 1.06, a quick ratio of 0.32 and a debt-to-equity ratio of 109.99.

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.