Zacks Investment Research Lowers Industrias Bachoco (IBA) to Strong Sell

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Zacks Investment Research downgraded shares of Industrias Bachoco (NYSE:IBA) from a strong-buy rating to a strong sell rating in a research note released on Wednesday morning.

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. “

Separately, JPMorgan Chase & Co. cut Industrias Bachoco from an overweight rating to a neutral rating in a report on Friday, October 5th.

NYSE IBA traded up $0.66 during trading on Wednesday, reaching $51.75. 6,347 shares of the company’s stock were exchanged, compared to its average volume of 8,255. The company has a market cap of $2.71 billion, a PE ratio of 10.50 and a beta of 0.18. The company has a quick ratio of 2.52, a current ratio of 3.29 and a debt-to-equity ratio of 0.04. Industrias Bachoco has a fifty-two week low of $49.84 and a fifty-two week high of $64.44.

Industrias Bachoco (NYSE:IBA) last announced its quarterly earnings results on Monday, July 23rd. The company reported $1.58 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.06). The business had revenue of $815.90 million for the quarter, compared to analyst estimates of $740.25 million. Industrias Bachoco had a return on equity of 14.54% and a net margin of 8.69%. As a group, research analysts anticipate that Industrias Bachoco will post 4.55 EPS for the current fiscal year.

Several large investors have recently modified their holdings of IBA. Russell Investments Group Ltd. boosted its holdings in shares of Industrias Bachoco by 388.4% during the second quarter. Russell Investments Group Ltd. now owns 2,989 shares of the company’s stock worth $174,000 after acquiring an additional 2,377 shares during the period. Quattro Financial Advisors LLC bought a new stake in shares of Industrias Bachoco during the third quarter worth approximately $319,000. Everett Harris & Co. CA boosted its holdings in shares of Industrias Bachoco by 1.1% during the second quarter. Everett Harris & Co. CA now owns 99,717 shares of the company’s stock worth $5,759,000 after acquiring an additional 1,124 shares during the period. Sarasin & Partners LLP boosted its holdings in shares of Industrias Bachoco by 10.0% during the second quarter. Sarasin & Partners LLP now owns 110,000 shares of the company’s stock worth $6,353,000 after acquiring an additional 10,000 shares during the period. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Industrias Bachoco by 1.4% during the first quarter. Allianz Asset Management GmbH now owns 164,564 shares of the company’s stock worth $10,194,000 after acquiring an additional 2,194 shares during the period. Institutional investors own 3.63% of the company’s stock.

Industrias Bachoco Company Profile

Industrias Bachoco, SAB. de C.V., through its subsidiaries, operates as a poultry producer in Mexico and the United States. It primarily engages in the breeding, processing, and marketing of chicken, eggs, swine, balanced animal feed, and other meat products. The company also produces and distributes chicken, turkey, and beef value-added products, as well as medicines and vaccines for animal consumption; provides administrative and operating services; and elaborates and commercializes balanced animal feed and pet treats.

Further Reading: What Factors Can Affect Return on Equity?

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