South32 (LON:S32) Shares Up 12.9% – Here’s What Happened

Shares of South32 Limited (LON:S32) traded up 12.9% on Wednesday . The stock traded as high as GBX 231.70 and last traded at GBX 230. Approximately 2,020,656 shares traded hands during mid-day trading, an increase of 121% from the average daily volume of 912,477 shares. The stock had previously closed at GBX 203.80.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on S32. Citigroup raised their target price on South32 from GBX 3,000 to GBX 3,200 and gave the company a “buy” rating in a research note on Monday, June 8th. Jefferies Financial Group reiterated a “buy” rating and set a GBX 300 price objective on shares of South32 in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of GBX 1,210.

South32 Price Performance

The stock has a market cap of £9.67 billion, a price-to-earnings ratio of 30.86, a P/E/G ratio of 7.26 and a beta of 0.67. The business has a fifty day moving average of GBX 230.37 and a 200 day moving average of GBX 222.

South32 Company Profile

South32 Limited operates as a diversified metals and mining company in Australia, India, China, Japan, the Middle East, Mozambique, the Netherlands, Brazil, Russia, South Africa, South Korea, the United States, and internationally. The company operates through Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium, Mozal Aluminium, Sierra Gorda, Cannington, Hermosa, Cerro Matoso, Illawarra Metallurgical Coal, Australia Manganese, and South Africa Manganese segments. It has a portfolio of assets producing bauxite, alumina, aluminum, copper, silver, lead, zinc, nickel, metallurgical coal, manganese, ferronickel, and other base metals.