Bunge Global (NYSE:BG) Posts Earnings Results, Beats Expectations By $0.04 EPS

Bunge Global (NYSE:BG) posted its quarterly earnings data on Wednesday. The basic materials company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.04, Zacks reports. Bunge Global had a return on equity of 9.16% and a net margin of 2.71%.The firm had revenue of $22.16 billion during the quarter, compared to analysts’ expectations of $22.46 billion. During the same quarter last year, the firm earned $2.29 EPS. The business’s quarterly revenue was up 71.6% on a year-over-year basis.

Bunge Global Stock Performance

Shares of BG stock traded up $1.65 on Wednesday, hitting $95.55. The company had a trading volume of 2,072,922 shares, compared to its average volume of 1,853,468. Bunge Global has a twelve month low of $67.40 and a twelve month high of $99.55. The company has a quick ratio of 1.29, a current ratio of 2.07 and a debt-to-equity ratio of 0.59. The firm has a market cap of $19.12 billion, a P/E ratio of 9.55, a price-to-earnings-growth ratio of 8.28 and a beta of 0.76. The company has a 50-day moving average price of $86.09 and a 200-day moving average price of $81.82.

Insiders Place Their Bets

In related news, Director Christopher Mahoney purchased 5,000 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was bought at an average cost of $81.73 per share, with a total value of $408,650.00. Following the completion of the acquisition, the director owned 7,164 shares of the company’s stock, valued at $585,513.72. The trade was a 231.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.80% of the company’s stock.

Institutional Investors Weigh In On Bunge Global

A number of institutional investors have recently added to or reduced their stakes in BG. Rakuten Securities Inc. boosted its holdings in shares of Bunge Global by 57.7% during the 2nd quarter. Rakuten Securities Inc. now owns 481 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 176 shares during the last quarter. Baird Financial Group Inc. lifted its position in Bunge Global by 1.1% during the second quarter. Baird Financial Group Inc. now owns 23,760 shares of the basic materials company’s stock worth $1,907,000 after buying an additional 263 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new position in Bunge Global during the second quarter worth $31,000. MUFG Securities EMEA plc purchased a new stake in Bunge Global in the 2nd quarter valued at $32,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Bunge Global by 118.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 910 shares of the basic materials company’s stock valued at $73,000 after buying an additional 494 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BG. JPMorgan Chase & Co. raised their price target on Bunge Global from $95.00 to $107.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Morgan Stanley set a $95.00 target price on shares of Bunge Global in a research note on Monday, October 27th. BMO Capital Markets upped their price target on shares of Bunge Global from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bunge Global in a report on Wednesday, October 8th. Finally, Barclays boosted their price objective on shares of Bunge Global from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 21st. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $99.43.

Bunge Global Company Profile

Bunge Global SA operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment purchases, stores, transports, processes, and sells agricultural commodities and commodity products, including oilseeds primarily soybeans, rapeseed, canola, and sunflower seeds, as well as grains comprising wheat and corn; and processes oilseeds into vegetable oils and protein meals.