Associated British Foods (LON:ABF) Stock Price Down 13.2% - Here's What Happened

Key Points

• Associated British Foods shares fell by 13.2% to GBX 1,945.50, with trading volume down 24% compared to its average.
• Analysts have mixed views on the stock, with Shore Capital maintaining a "buy" rating, while Deutsche Bank downgraded it to "sell" and reduced its target price from GBX 2,220 to GBX 2,130.
• Insider Eoin Tonge sold 16,741 shares at an average price of GBX 2,070, representing a total transaction of £346,538.70.

Associated British Foods plc (LON:ABF - Get Free Report) traded down 13.2% on Thursday . The company traded as low as GBX 1,928.50 ($26.23) and last traded at GBX 1,945.50 ($26.47). 2,909,437 shares were traded during mid-day trading, a decline of 24% from the average session volume of 3,829,985 shares. The stock had previously closed at GBX 2,241 ($30.49).

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Shore Capital reissued a "buy" rating on shares of Associated British Foods in a report on Wednesday, September 10th. Deutsche Bank Aktiengesellschaft downgraded shares of Associated British Foods to a "sell" rating and cut their price target for the company from GBX 2,220 to GBX 2,130 in a report on Tuesday, August 26th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Associated British Foods currently has a consensus rating of "Hold" and an average price target of GBX 2,215.

Associated British Foods Stock Up 0.8%

The company has a market cap of £14.07 billion, a price-to-earnings ratio of 1,115.62, a P/E/G ratio of 1.51 and a beta of 1.24. The company has a current ratio of 1.78, a quick ratio of 0.93 and a debt-to-equity ratio of 32.88. The business has a fifty day moving average price of GBX 2,188.48 and a two-hundred day moving average price of GBX 2,083.33.

Insider Buying and Selling

In related news, insider Eoin Tonge sold 16,741 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of GBX 2,070, for a total value of £346,538.70. Corporate insiders own 1.49% of the company's stock.

About Associated British Foods

Associated British Foods is a diversified international food, ingredients and retail group with sales of £13.9bn, 128,000 employees and operations in 53 countries across Europe, Africa, the Americas, Asia and Australia. Our purpose is to provide safe, nutritious, affordable food, and clothing that is great value for money.