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Industrias Bachoco (IBA) Surges 6.9%: Is This an Indication of Further Gains?
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Industrias Bachoco (IBA - Free Report) shares soared 6.9% in the last trading session to close at $66.25. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.7% gain over the past four weeks.
Industrias Bachoco has been benefiting from its robust pricing actions amid an inflationary cost environment. Focus on seizing efficiencies across all business processes has also been helping the company serve its customers better. These upsides boosted the company’s sales growth in the fourth quarter of 2022.
This poultry producer is expected to post quarterly earnings of $1.53 per share in its upcoming report, which represents a year-over-year change of -29.5%. Revenues are expected to be $1.28 billion, up 4.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Industrias Bachoco, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IBA going forward to see if this recent jump can turn into more strength down the road.
Industrias Bachoco belongs to the Zacks Food - Meat Products industry. Another stock from the same industry, Tyson Foods (TSN - Free Report) , closed the last trading session 1.7% higher at $59.32. Over the past month, TSN has returned -1.3%.
For Tyson, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.76. This represents a change of -66.8% from what the company reported a year ago. Tyson currently has a Zacks Rank of #5 (Strong Sell).
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Industrias Bachoco (IBA) Surges 6.9%: Is This an Indication of Further Gains?
Industrias Bachoco (IBA - Free Report) shares soared 6.9% in the last trading session to close at $66.25. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.7% gain over the past four weeks.
Industrias Bachoco has been benefiting from its robust pricing actions amid an inflationary cost environment. Focus on seizing efficiencies across all business processes has also been helping the company serve its customers better. These upsides boosted the company’s sales growth in the fourth quarter of 2022.
This poultry producer is expected to post quarterly earnings of $1.53 per share in its upcoming report, which represents a year-over-year change of -29.5%. Revenues are expected to be $1.28 billion, up 4.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Industrias Bachoco, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IBA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Industrias Bachoco belongs to the Zacks Food - Meat Products industry. Another stock from the same industry, Tyson Foods (TSN - Free Report) , closed the last trading session 1.7% higher at $59.32. Over the past month, TSN has returned -1.3%.
For Tyson, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.76. This represents a change of -66.8% from what the company reported a year ago. Tyson currently has a Zacks Rank of #5 (Strong Sell).