Associated British Foods (LON:ABF) Shares Down 13.2% - Here's Why

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) dropped 13.2% on Thursday . The stock traded as low as GBX 1,928.50 ($26.10) and last traded at GBX 1,945.50 ($26.33). Approximately 2,909,437 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 3,829,985 shares. The stock had previously closed at GBX 2,241 ($30.33).

Analyst Upgrades and Downgrades

Several analysts recently commented on ABF shares. Shore Capital reiterated a "buy" rating on shares of Associated British Foods in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut shares of Associated British Foods to a "sell" rating and lowered their target price for the stock from GBX 2,220 to GBX 2,130 in a research note on Tuesday, August 26th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of GBX 2,215.

Associated British Foods Stock Performance

The stock has a market cap of £14.11 billion, a price-to-earnings ratio of 1,118.44, a PEG ratio of 1.51 and a beta of 1.24. The company has a debt-to-equity ratio of 32.88, a current ratio of 1.78 and a quick ratio of 0.93. The firm has a fifty day moving average of GBX 2,195.40 and a 200 day moving average of GBX 2,079.33.

Insider Activity

In other news, insider Eoin Tonge sold 16,741 shares of Associated British Foods stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of GBX 2,070, for a total transaction of £346,538.70. 1.49% of the stock is owned by company insiders.

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.

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