In late trade, the S&P/ASX 200 Index (ASX: XJO) is ending the week on a disappointing note. At the time of writing, the benchmark index is down 0.6% to 7,252.5 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 3% to $19.90. Investors have been selling this mining giant’s shares since the release of its half year results. Unfortunately, the team at Goldman Sachs believe the company’s shares could continue to slide. Its analysts have put a sell rating and $14.70 price target on its shares.
Goodman Group (ASX: GMG)
The Goodman share price is down 3.5% to $23.17. This decline may have been driven by a broker note out of Ord Minnett. According to the note, the broker has downgraded the integrated property company’s shares to a hold rating with a $25.00 price target. Its analysts made the move on valuation grounds.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 5% to $3.36. This follows the release of the poultry company’s half year results. For the six months ended 31 December, Inghams reported a 5.9% increase in underlying net profit after tax to $39.7 million. This fell short of the consensus estimate of a net profit of $41.9 million.
QBE Australia Group Ltd (ASX: QBE)
The QBE share price is down over 8% to $11.59. Investors have been selling the insurance giant’s shares after its full year results fell short of expectations. For the 12 months ended 31 December, QBE delivered a 25.7% increase in gross written premium to US$18,453 million and an adjusted net cash profit after tax of US$805 million. The latter was short of the market consensus estimate of US$870 million.
The post Why Fortescue, Goodman, Inghams, and QBE shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Brokers name 3 ASX shares to buy today
- What is a supercycle and are ASX 200 mining shares at the start of one?
- ASX 200 (ASX:XJO) midday update: QBE sinks but Magellan rockets
- Inghams (ASX:ING) share price slumps 5% amid continued COVID impacts
- QBE (ASX:QBE) share price sinks 9% on FY21 earnings miss
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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