Zacks: Industrias Bachoco, S.A.B. de C.V. (IBA) Given $62.00 Average Target Price by Analysts

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Shares of Industrias Bachoco, S.A.B. de C.V. (NYSE:IBA) have been given a consensus broker rating score of 3.00 (Hold) from the one analysts that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation. Industrias Bachoco’s rating score has declined by 200% from three months ago as a result of various analysts’ ratings changes.

Brokerages have set a one year consensus price objective of $62.00 for the company and are anticipating that the company will post $0.40 EPS for the current quarter, according to Zacks. Zacks has also given Industrias Bachoco an industry rank of 242 out of 257 based on the ratings given to its competitors.

IBA has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Industrias Bachoco from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. JPMorgan Chase & Co. downgraded shares of Industrias Bachoco from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Finally, TheStreet downgraded shares of Industrias Bachoco from a “b-” rating to a “c” rating in a research note on Wednesday, October 24th.

Shares of NYSE IBA traded down $1.14 on Monday, reaching $41.61. 7,100 shares of the company’s stock traded hands, compared to its average volume of 8,953. Industrias Bachoco has a 12 month low of $41.27 and a 12 month high of $64.44. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 8.44 and a beta of 0.45. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.72 and a current ratio of 3.55.

Industrias Bachoco (NYSE:IBA) last announced its earnings results on Wednesday, October 24th. The company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. Industrias Bachoco had a net margin of 7.35% and a return on equity of 11.99%. The business had revenue of $754.00 million during the quarter, compared to the consensus estimate of $736.07 million. On average, analysts forecast that Industrias Bachoco will post 3.16 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in IBA. Allianz Asset Management GmbH increased its stake 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 valued at $10,194,000 after purchasing an additional 2,194 shares in the last quarter. Everett Harris & Co. CA increased its position 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 valued at $5,759,000 after acquiring an additional 1,124 shares in the last quarter. Sarasin & Partners LLP increased its position 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 valued at $6,353,000 after acquiring an additional 10,000 shares in the last quarter. Russell Investments Group Ltd. increased its position 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 valued at $174,000 after acquiring an additional 2,377 shares in the last quarter. Finally, Royce & Associates LP increased its position in shares of Industrias Bachoco by 5.2% during the second quarter. Royce & Associates LP now owns 216,806 shares of the company’s stock valued at $12,495,000 after acquiring an additional 10,631 shares in the last quarter. 3.65% of the stock is owned by institutional investors and hedge funds.

About Industrias Bachoco

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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