Industrias Bachoco (IBA) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Industrias Bachoco (NYSE:IBA) from a buy rating to a hold rating in a report published on Thursday.

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. “

Shares of NYSE:IBA traded down $2.54 during trading hours on Thursday, hitting $58.43. The stock had a trading volume of 9,618 shares, compared to its average volume of 6,483. Industrias Bachoco has a 1-year low of $53.00 and a 1-year high of $67.61. The firm has a market capitalization of $3.05 billion, a P/E ratio of 10.99 and a beta of 0.24. The company has a current ratio of 3.29, a quick ratio of 2.52 and a debt-to-equity ratio of 0.04.

Industrias Bachoco (NYSE:IBA) last announced its quarterly earnings results on Monday, July 23rd. The company reported $1.58 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.06). Industrias Bachoco had a net margin of 8.69% and a return on equity of 14.54%. The firm had revenue of $815.90 million during the quarter, compared to analyst estimates of $740.25 million. analysts predict that Industrias Bachoco will post 4.45 EPS for the current year.

The company also recently declared a semiannual dividend, which was paid on Monday, July 16th. Shareholders of record on Thursday, July 5th were paid a $0.4365 dividend. The ex-dividend date of this dividend was Tuesday, July 3rd. This represents a dividend yield of 1.54%. This is a positive change from Industrias Bachoco’s previous semiannual dividend of $0.43. Industrias Bachoco’s dividend payout ratio (DPR) is presently 17.44%.

Several large investors have recently made changes to their positions in IBA. Russell Investments Group Ltd. boosted its holdings in shares of Industrias Bachoco by 388.4% in the second quarter. Russell Investments Group Ltd. now owns 2,989 shares of the company’s stock valued at $174,000 after acquiring an additional 2,377 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Industrias Bachoco in the first quarter valued at approximately $223,000. Deutsche Bank AG bought a new position in shares of Industrias Bachoco in the fourth quarter valued at approximately $235,000. Everett Harris & Co. CA boosted its holdings in shares of Industrias Bachoco by 1.1% in the second quarter. Everett Harris & Co. CA now owns 99,717 shares of the company’s stock valued at $5,759,000 after acquiring an additional 1,124 shares in the last quarter. Finally, Sarasin & Partners LLP boosted its holdings in shares of Industrias Bachoco by 5.3% in the first quarter. Sarasin & Partners LLP now owns 100,000 shares of the company’s stock valued at $6,195,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors own 3.65% 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.

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