Industrias Bachoco, S.A. de C.V. (NYSE:IBA) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Wednesday.

Industrias Bachoco, S.A. de C.V. (NYSE:IBA) traded down 0.63% during trading on Wednesday, reaching $62.93. The company had a trading volume of 344 shares. The firm’s 50 day moving average price is $59.27 and its 200 day moving average price is $54.30. The firm has a market capitalization of $3.15 billion, a PE ratio of 13.58 and a beta of 0.36. Industrias Bachoco, S.A. de C.V. has a 12-month low of $45.32 and a 12-month high of $64.21.

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A number of institutional investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC boosted its position in shares of Industrias Bachoco, S.A. de C.V. by 8.1% in the second quarter. Parametric Portfolio Associates LLC now owns 4,816 shares of the company’s stock worth $279,000 after buying an additional 361 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Industrias Bachoco, S.A. de C.V. by 37.4% in the second quarter. New York State Common Retirement Fund now owns 21,825 shares of the company’s stock worth $1,265,000 after buying an additional 5,938 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Industrias Bachoco, S.A. de C.V. by 37.0% in the second quarter. PNC Financial Services Group Inc. now owns 10,365 shares of the company’s stock worth $601,000 after buying an additional 2,800 shares during the last quarter. Wells Fargo & Company MN purchased a new position in shares of Industrias Bachoco, S.A. de C.V. during the second quarter worth about $139,000. Finally, Renaissance Group LLC boosted its position in shares of Industrias Bachoco, S.A. de C.V. by 10.5% in the second quarter. Renaissance Group LLC now owns 7,718 shares of the company’s stock worth $447,000 after buying an additional 733 shares during the last quarter. 3.79% of the stock is owned by institutional investors and hedge funds.

Industrias Bachoco, S.A. de C.V. Company Profile

Industrias Bachoco, SAB. de C.V. (Bachoco) is a holding company. The Company owns and manages over 1,000 facilities, organized in approximately 10 production complexes and over 60 distribution centers in Mexico, and a production complex in the United States. Bachoco operates through two segments: poultry and others.

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