Zacks Investment Research cut 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. downgraded Industrias Bachoco from an overweight rating to a neutral rating in a research report on Friday, October 5th.

Shares of Industrias Bachoco stock traded up $0.66 during trading on Wednesday, reaching $51.75. The stock had a trading volume of 6,347 shares, compared to its average volume of 8,255. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 10.50 and a beta of 0.18. Industrias Bachoco has a 52 week low of $49.84 and a 52 week high of $64.44. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.29 and a quick ratio of 2.52.

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

Large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position 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 during the last quarter. Quattro Financial Advisors LLC acquired a new stake in shares of Industrias Bachoco in the third quarter valued at about $319,000. Everett Harris & Co. CA increased its position 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 during the last quarter. Sarasin & Partners LLP increased its position in shares of Industrias Bachoco by 10.0% in 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 during the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of Industrias Bachoco by 1.4% in the first quarter. Allianz Asset Management GmbH now owns 164,564 shares of the company’s stock valued at $10,194,000 after acquiring an additional 2,194 shares during the last quarter. 3.63% of the stock is currently 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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