Associated British Foods (OTCMKTS:ASBFY) Shares Gap Up – Here’s Why

Associated British Foods PLC (OTCMKTS:ASBFY) shares gapped up prior to trading on Tuesday . The stock had previously closed at $23.44, but opened at $24.22. Associated British Foods shares last traded at $24.26, with a volume of 3,795 shares trading hands.

Wall Street Analyst Weigh In

ASBFY has been the subject of several research analyst reports. Zacks Research lowered Associated British Foods from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Jefferies Financial Group lowered Associated British Foods from a “hold” rating to an “underperform” rating in a research report on Monday, December 15th. Sanford C. Bernstein cut shares of Associated British Foods from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Finally, The Goldman Sachs Group lowered shares of Associated British Foods from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Associated British Foods Stock Up 0.7%

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.54 and a quick ratio of 0.75. The company has a 50-day simple moving average of $25.74 and a two-hundred day simple moving average of $27.59.

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.