Associated British Foods (OTCMKTS:ASBFY) Sees Strong Trading Volume – Still a Buy?

Shares of Associated British Foods PLC (OTCMKTS:ASBFY) saw strong trading volume on Thursday . 357,086 shares were traded during trading, an increase of 268% from the previous session’s volume of 97,002 shares.The stock last traded at $25.41 and had previously closed at $25.83.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group downgraded shares of Associated British Foods from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Zacks Research upgraded Associated British Foods from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Sanford C. Bernstein downgraded Associated British Foods from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Kepler Capital Markets raised Associated British Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 5th. 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 issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold”.

Associated British Foods Stock Down 2.5%

The company’s 50 day simple moving average is $26.60 and its 200-day simple moving average is $28.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.54 and a quick ratio of 0.75.

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.