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

Associated British Foods PLC (OTCMKTS:ASBFY)’s stock price passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $27.06 and traded as low as $26.19. Associated British Foods shares last traded at $26.43, with a volume of 46,870 shares trading hands.

Analyst Ratings Changes

Several analysts recently commented on the stock. Zacks Research raised shares of Associated British Foods from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Kepler Capital Markets upgraded shares of Associated British Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 5th. The Goldman Sachs Group downgraded Associated British Foods from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Sanford C. Bernstein lowered Associated British Foods from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Jefferies Financial Group cut Associated British Foods from a “hold” rating to an “underperform” rating in a report on Monday, December 15th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold”.

Associated British Foods Stock Performance

The stock has a fifty day simple moving average of $27.06 and a two-hundred day simple moving average of $28.46. The company has a quick ratio of 0.75, a current ratio of 1.54 and a debt-to-equity ratio of 0.28.

About Associated British Foods

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.