Glencore (LON:GLEN) Sets New 52-Week High – Should You Buy?

Glencore plc (LON:GLEN)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as GBX 623.80 and last traded at GBX 622.50, with a volume of 66625250 shares trading hands. The stock had previously closed at GBX 603.80.

Wall Street Analysts Forecast Growth

GLEN has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Glencore from GBX 520 to GBX 510 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a GBX 630 price target on shares of Glencore in a research note on Thursday, August 6th. Berenberg Bank reduced their price target on Glencore from GBX 750 to GBX 740 and set a “buy” rating for the company in a report on Friday, August 7th. Jefferies Financial Group reissued a “buy” rating and issued a GBX 700 price objective on shares of Glencore in a report on Monday, July 6th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a GBX 600 target price on shares of Glencore in a research report on Monday, July 27th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of GBX 660.

Glencore Price Performance

The company has a fifty day moving average of GBX 550.78 and a 200-day moving average of GBX 552.15. The company has a current ratio of 1.06, a quick ratio of 0.32 and a debt-to-equity ratio of 108.47. The stock has a market cap of £73.06 billion, a PE ratio of 13.83, a P/E/G ratio of 0.43 and a beta of 0.51.

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.