Why Austal, Fletcher Building, Myer, and Select Harvests shares are falling today

About Latest Posts James MickleboroJames Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university …

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.55% to 7,193.1 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Austal Ltd (ASX: ASB)

The Austal share price is down 4% to $1.79. This has been driven partly by the shipbuilder's shares going ex-dividend this morning for its upcoming final dividend. Eligible shareholders can look forward to receiving the company's 3 cents per share dividend next month on 20 October.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is down over 4% to $4.12. This has also been driven by the building materials company's shares going ex-dividend this morning. Eligible Fletcher Building shareholders can expect to receive their 14.7 cents per share dividend in a few weeks on 5 October.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is down 1.5% to 62 cents. This follows the release of the department store operator's FY 2023 results. Although Myer had a solid 12 months, its performance deteriorated towards the end of the financial year. Investors appear concerned that this could be a sign that FY 2024 will be tough for Myer.

Select Harvests Ltd (ASX: SHV)

The Select Harvests share price is down 6% to $4.11. Yesterday, analysts at UBS downgraded this almond producer's shares to a neutral rating and slashed the price target on them to $4.70. UBS believes that the almond price recovery may take longer than hoped. As a result, the broker has reduced its almond price estimates and earnings forecasts accordingly.

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 positions in and has recommended Austal. 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 Scott Phillips.

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