Associated British Foods plc (LON:ABF) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as GBX 2,365 ($30.17) and last traded at GBX 2,365 ($30.17), with a volume of 953839 shares trading hands. The stock had previously closed at GBX 2,396 ($30.57).
A number of equities research analysts recently issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 3,200 ($40.82) target price on shares of Associated British Foods in a research note on Tuesday, June 26th. Royal Bank of Canada raised Associated British Foods to an “outperform” rating and increased their price target for the stock from GBX 2,800 ($35.72) to GBX 3,100 ($39.55) in a research note on Monday, June 18th. Goldman Sachs Group lowered Associated British Foods to a “neutral” rating and reduced their price target for the stock from GBX 3,100 ($39.55) to GBX 3,000 ($38.27) in a research note on Thursday, May 24th. UBS Group raised Associated British Foods to a “buy” rating and set a GBX 3,150 ($40.18) price target on the stock in a research note on Tuesday, May 8th. Finally, Liberum Capital reissued a “buy” rating on shares of Associated British Foods in a research note on Thursday, July 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eighteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of GBX 3,278.24 ($41.82).
In other news, insider John Bason acquired 30,000 shares of the company’s stock in a transaction dated Tuesday, May 29th. The stock was acquired at an average cost of GBX 2,699 ($34.43) per share, for a total transaction of £809,700 ($1,032,912.36).
Associated British Foods plc operates as a diversified food, ingredients, and retail company worldwide. It operates through five segments: Grocery, Sugar, Agriculture, Ingredients, and Retail. The Grocery segment manufactures and sells grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, and meat products to retail, wholesale, and foodservice businesses.
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