Why ARB, Magellan, Nanosonics, and St Barbara shares are dropping today

These ASX shares are having a tougher time than most on Thursday.

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The S&P/ASX 200 Index (ASX: XJO) is well and truly out of form on Thursday. In afternoon trade, the benchmark index is down 1.1% to 7,172.6 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

ARB Corporation Ltd (ASX: ARB)

The ARB share price is down 5% to $28.60. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, its analysts have downgraded the 4×4 parts manufacturer's shares to an underperform rating and cut the price target on them to $25.70. The broker feels that the company's opportunity in the United States may not be as large as the market expects.

 Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down almost 8% to $8.98. Investors have been selling this fund manager's shares following the release of a disappointing funds under management (FUM) update. Last month, a sudden pause in institutional FUM outflows got investors excited and appeared to indicate that the worst was now over. Unfortunately, the outflows resumed in June, with the company reporting $1.7 billion of institutional FUM outflows.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is down 4% to $4.64. Yesterday, analysts at Bell Potter retained their sell rating on this infection prevention company's shares with an improved price target of $4.15. It said: "Despite the compelling patient safety focussed sales pitch and top-line growth, the valuation continues to represent a challenge."

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 45% to 30.5 cents. This has been caused by the gold miner's shares trading ex-distribution this morning. This relates to the in-specie distribution of all 205 million Genesis Minerals Ltd (ASX: GMD) shares that the company received as part consideration for the sale of its Leonora assets. The company will distribute these shares to eligible shareholders on 11 July.

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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 ARB Corporation and Nanosonics. The Motley Fool Australia has positions in and has recommended Nanosonics. The Motley Fool Australia has recommended ARB Corporation. 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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