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

Key Points

• Associated British Foods' stock price has fallen by 13.2%, trading as low as GBX 1,928.50 after previously closing at GBX 2,241, with a significant drop in trading volume.
• Wall Street analysts have mixed views on the stock, with Deutsche Bank downgrading it to a "sell" rating and lowering their price target, while Shore Capital maintains a "buy" rating.
• Insider Eoin Tonge sold 16,741 shares of the company’s stock for a total of approximately £346,539, indicating some insider activity amidst the stock's volatility.

Associated British Foods plc (LON:ABF - Get Free Report) shares were down 13.2% during trading on Wednesday . The company traded as low as GBX 1,928.50 ($26.15) and last traded at GBX 1,945.50 ($26.38). Approximately 2,909,437 shares changed hands during trading, a decline of 24% from the average daily volume of 3,829,985 shares. The stock had previously closed at GBX 2,241 ($30.39).

Wall Street Analysts Forecast Growth

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

Associated British Foods Trading Up 0.6%

The company has a market capitalization of £13.96 billion, a P/E ratio of 1,106.32, a PEG ratio of 1.51 and a beta of 1.24. The business's 50-day moving average price is GBX 2,190.23 and its two-hundred day moving average price is GBX 2,082.86. The company has a debt-to-equity ratio of 32.88, a current ratio of 1.78 and a quick ratio of 0.93.

Insider Buying and Selling

In other Associated British Foods news, insider Eoin Tonge sold 16,741 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of GBX 2,070, for a total transaction of £346,538.70. Company 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.