Glencore (OTCMKTS:GLNCY) Stock Passes Above 200 Day Moving Average – Here’s Why

Glencore PLC (OTCMKTS:GLNCY)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $8.09 and traded as high as $9.46. Glencore shares last traded at $9.46, with a volume of 430,961 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Berenberg Bank set a $9.30 target price on shares of Glencore in a research report on Wednesday, October 8th. The Goldman Sachs Group downgraded Glencore to a “neutral” rating in a report on Thursday, August 7th. Morgan Stanley reissued an “overweight” rating on shares of Glencore in a research note on Thursday, October 30th. Sanford C. Bernstein lowered Glencore from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 22nd. Finally, Citigroup reiterated a “buy” rating on shares of Glencore in a research report on Friday, September 26th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Glencore presently has an average rating of “Moderate Buy” and an average price target of $9.30.

Glencore Price Performance

The firm has a 50-day moving average price of $8.86 and a 200-day moving average price of $8.10.

Glencore Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 1st were issued a $0.085 dividend. The ex-dividend date was Friday, August 29th. This represents a 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.