Associated British Foods (OTCMKTS:ASBFY) Shares Pass Below 50-Day Moving Average – Here’s Why

Associated British Foods PLC (OTCMKTS:ASBFY)’s stock price crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $27.67 and traded as low as $25.36. Associated British Foods shares last traded at $25.56, with a volume of 57,691 shares traded.

Analysts Set New Price Targets

A number of research analysts have commented on ASBFY shares. Zacks Research upgraded shares of Associated British Foods from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Kepler Capital Markets raised shares of Associated British Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 5th. Sanford C. Bernstein lowered shares of Associated British Foods from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Jefferies Financial Group cut shares of Associated British Foods from a “hold” rating to an “underperform” rating in a research report on Monday, December 15th. Finally, The Goldman Sachs Group lowered shares of Associated British Foods from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Associated British Foods has a consensus rating of “Hold”.

Associated British Foods Stock Up 1.2%

The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.75 and a current ratio of 1.54. The business has a 50 day moving average price of $27.61 and a two-hundred day moving average price of $28.83.

Associated British Foods Company Profile

Associated British Foods plc (OTCMKTS:ASBFY) is a diversified international food, ingredients and retail group headquartered in the United Kingdom. Founded in 1935, the company operates through multiple divisions that span grocery brands, sugar production and refining, ingredient and bakery systems, agriculture and a large value-fashion retail business. Its portfolio combines branded consumer goods with industrial food and agricultural operations, giving it exposure across the consumer staples and retail sectors.

On the grocery and branded side, the group owns and markets a range of food and beverage products, including well-known tea and grocery lines, while its ingredients businesses supply yeast, bakery ingredients and other inputs to commercial bakers and food manufacturers.