Bachoco (NYSE:IBA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors 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 Bachoco stock opened at $61.83 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.23 and a current ratio of 2.93. The company has a market capitalization of $3,181.00, a price-to-earnings ratio of 12.54 and a beta of 0.40. Bachoco has a one year low of $51.56 and a one year high of $67.61.
Several institutional investors and hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund increased its stake in shares of Bachoco by 10.2% during the third quarter. New York State Common Retirement Fund now owns 24,053 shares of the company’s stock valued at $1,600,000 after buying an additional 2,228 shares during the period. Comerica Bank purchased a new position in shares of Bachoco during the fourth quarter valued at approximately $244,000. Deutsche Bank AG purchased a new position in shares of Bachoco during the fourth quarter valued at approximately $235,000. Sarasin & Partners LLP increased its stake in shares of Bachoco by 5.6% during the fourth quarter. Sarasin & Partners LLP now owns 95,000 shares of the company’s stock valued at $5,444,000 after buying an additional 5,000 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in shares of Bachoco by 3.6% during the third quarter. Allianz Asset Management GmbH now owns 189,506 shares of the company’s stock valued at $12,602,000 after buying an additional 6,528 shares during the period. 3.75% of the stock is currently owned by hedge funds and other institutional investors.
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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 primarily engages in the breeding, processing, and marketing of chicken, eggs, swine, and balanced animal feed. It also offers value-added turkey and beef products; and produces and distributes medicines and vaccines for animal consumption.
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