Zacks Investment Research upgraded shares of Industrias Bachoco (NYSE:IBA) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has $59.00 target price on the stock.
According to Zacks, “INDUSTRIAS BACHOO began its operations in 1952 in the state of Sonora, Mexico, and has since grown into the country’s undisputed leader in poultry production and one of the wold’s top ten producer. It also produces and distributes eggs, swine and balanced feed. It is a vertically integrated company, with a nationwide distribution network and processing plants operating in conjunction with over 600 facilities located throughout Mexico. “
IBA has been the subject of several other research reports. JPMorgan Chase & Co. set a €20.00 ($23.26) price objective on shares of STMicroelectronics and gave the stock a buy rating in a research report on Tuesday, May 14th. ValuEngine lowered shares of Acceleron Pharma from a strong-buy rating to a buy rating in a research report on Thursday, April 18th.
Shares of IBA stock opened at $53.12 on Wednesday. Industrias Bachoco has a one year low of $37.66 and a one year high of $62.50. The company has a quick ratio of 3.26, a current ratio of 4.23 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average is $51.63. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 15.22 and a beta of 0.46.
Industrias Bachoco (NYSE:IBA) last released its quarterly earnings data on Monday, April 29th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.30). Industrias Bachoco had a return on equity of 7.39% and a net margin of 4.70%. The business had revenue of $738.00 million during the quarter, compared to analyst estimates of $767.01 million. Sell-side analysts anticipate that Industrias Bachoco will post 3.31 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Everett Harris & Co. CA increased its position in shares of Industrias Bachoco by 6.8% in the first quarter. Everett Harris & Co. CA now owns 110,548 shares of the company’s stock worth $5,096,000 after acquiring an additional 7,037 shares in the last quarter. Geode Capital Management LLC acquired a new stake in shares of Industrias Bachoco in the fourth quarter worth $499,000. Royce & Associates LP increased its position in shares of Industrias Bachoco by 26.8% in the first quarter. Royce & Associates LP now owns 60,991 shares of the company’s stock worth $2,812,000 after acquiring an additional 12,900 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Industrias Bachoco in the fourth quarter worth $219,000. Finally, Bank of Montreal Can increased its position in shares of Industrias Bachoco by 188.1% in the first quarter. Bank of Montreal Can now owns 533 shares of the company’s stock worth $25,000 after acquiring an additional 348 shares in the last quarter. 3.50% of the stock is owned by institutional investors.
Industrias Bachoco Company Profile
Industrias Bachoco, SAB. de C.V., through its subsidiaries, operates as a poultry producer in Mexico and the United States. The company operates in two segment, Poultry and Others It is primarily involved in the breeding, processing, and marketing of chicken, eggs, swine, balanced animal feed, and other meat products.
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