State of Michigan Retirement System Purchases 1,700 Shares of Bunge Global SA $BG

State of Michigan Retirement System lifted its position in shares of Bunge Global SA (NYSE:BG) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,000 shares of the basic materials company’s stock after purchasing an additional 1,700 shares during the quarter. State of Michigan Retirement System’s holdings in Bunge Global were worth $3,853,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cromwell Holdings LLC raised its stake in Bunge Global by 4,175.0% during the 2nd quarter. Cromwell Holdings LLC now owns 342 shares of the basic materials company’s stock worth $27,000 after buying an additional 334 shares during the period. Ameritas Advisory Services LLC acquired a new position in Bunge Global in the second quarter valued at about $29,000. Manchester Capital Management LLC increased its holdings in shares of Bunge Global by 588.5% in the first quarter. Manchester Capital Management LLC now owns 420 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 359 shares in the last quarter. SVB Wealth LLC acquired a new stake in Bunge Global during the 1st quarter worth approximately $38,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Bunge Global by 197.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 514 shares of the basic materials company’s stock valued at $39,000 after buying an additional 341 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Bunge Global Price Performance

NYSE:BG opened at $95.55 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.29 and a current ratio of 2.07. The stock’s 50-day simple moving average is $86.31 and its 200 day simple moving average is $81.92. The company has a market cap of $19.12 billion, a P/E ratio of 9.55, a P/E/G ratio of 8.28 and a beta of 0.76. Bunge Global SA has a 52-week low of $67.40 and a 52-week high of $99.55.

Bunge Global (NYSE:BG) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.23 by $0.04. 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 period in the prior year, the firm posted $2.29 earnings per share. The business’s quarterly revenue was up 71.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Bunge Global SA will post 7.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BG has been the subject of several research reports. Stephens increased their price objective on shares of Bunge Global from $85.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Barclays upped their target price on shares of Bunge Global from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. JPMorgan Chase & Co. lifted their price target on Bunge Global from $95.00 to $107.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Morgan Stanley set a $95.00 price objective on Bunge Global in a research report on Monday, October 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Bunge Global in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $99.43.

Insider Buying and Selling

In other Bunge Global news, Director Christopher Mahoney purchased 5,000 shares of the stock in a transaction on Monday, August 18th. The shares were purchased at an average price of $81.73 per share, with a total value of $408,650.00. Following the completion of the transaction, the director directly owned 7,164 shares in the company, valued at $585,513.72. This represents a 231.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.80% of the company’s stock.

Bunge Global 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.