Zacks Investment Research upgraded shares of Industrias Bachoco (NYSE:IBA) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. The brokerage currently has $59.00 price target 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. “
A number of other analysts have also recently commented on IBA. JPMorgan Chase & Co. set a €20.00 ($23.26) price target on STMicroelectronics and gave the company a buy rating in a research note on Tuesday, May 14th. ValuEngine cut Acceleron Pharma from a strong-buy rating to a buy rating in a research note on Thursday, April 18th.
Industrias Bachoco (NYSE:IBA) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.30). The company had revenue of $738.00 million during the quarter, compared to the consensus estimate of $767.01 million. Industrias Bachoco had a net margin of 4.70% and a return on equity of 7.39%. Analysts anticipate that Industrias Bachoco will post 3.31 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Everett Harris & Co. CA lifted its holdings 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 valued at $5,096,000 after purchasing an additional 7,037 shares in the last quarter. Royce & Associates LP lifted its holdings 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 valued at $2,812,000 after purchasing an additional 12,900 shares in the last quarter. Bank of Montreal Can lifted its holdings 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 valued at $25,000 after purchasing an additional 348 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Industrias Bachoco by 46.7% in the fourth quarter. Deutsche Bank AG now owns 20,911 shares of the company’s stock valued at $827,000 after purchasing an additional 6,654 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Industrias Bachoco in the fourth quarter valued at about $219,000. Institutional investors and hedge funds own 3.50% of the company’s stock.
About Industrias Bachoco
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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