Bunge (NYSE:BG) Posts Quarterly Earnings Results, Beats Estimates By $1.32 EPS

Bunge (NYSE:BG – Get Rating) issued its quarterly earnings data on Wednesday. The basic materials company reported $4.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.94 by $1.32, MarketWatch Earnings reports. Bunge had a net margin of 3.45% and a return on equity of 28.87%. The firm had revenue of $15.88 billion for the quarter, compared to analysts’ expectations of $14.63 billion. During the same quarter in the prior year, the business earned $3.13 EPS. The business’s quarterly revenue was up 22.5% on a year-over-year basis. Bunge updated its FY22 guidance to at least $11.50 EPS.

BG traded up $6.27 during trading on Wednesday, reaching $121.13. 27,993 shares of the company traded hands, compared to its average volume of 1,600,924. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.86 and a current ratio of 1.77. Bunge has a 12-month low of $71.73 and a 12-month high of $128.40. The firm has a fifty day simple moving average of $111.23 and a 200 day simple moving average of $99.19. The company has a market cap of $17.18 billion, a P/E ratio of 8.39, a PEG ratio of 1.66 and a beta of 0.54.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 2nd. Shareholders of record on Thursday, May 19th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Wednesday, May 18th. Bunge’s dividend payout ratio (DPR) is currently 15.34%.

BG has been the topic of several recent research reports. Bank of America cut shares of Bunge from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $120.00 to $134.00 in a research note on Tuesday, April 19th. Credit Suisse Group increased their price objective on shares of Bunge from $95.00 to $115.00 and gave the stock an “outperform” rating in a research note on Thursday, February 10th. Zacks Investment Research upgraded shares of Bunge from a “hold” rating to a “buy” rating and set a $138.00 target price on the stock in a research note on Wednesday, April 20th. Morgan Stanley decreased their target price on shares of Bunge from $98.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 13th. Finally, StockNews.com started coverage on shares of Bunge in a research note on Thursday, March 31st. They set a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Bunge presently has a consensus rating of “Buy” and an average target price of $112.78.

In related news, insider Julio Garros sold 1,050 shares of the firm’s stock in a transaction on Monday, February 14th. The shares were sold at an average price of $100.45, for a total value of $105,472.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christos Dimopoulos sold 16,000 shares of the firm’s stock in a transaction on Saturday, March 12th. The shares were sold at an average price of $108.24, for a total transaction of $1,731,840.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,167,050 shares of company stock valued at $121,705,813. Insiders own 2.20% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. CIBC World Markets Inc. purchased a new position in shares of Bunge in the fourth quarter valued at $254,000. NewEdge Advisors LLC bought a new stake in Bunge in the fourth quarter worth $267,000. Forum Financial Management LP bought a new stake in Bunge in the fourth quarter worth $297,000. Glenmede Trust Co. NA lifted its position in Bunge by 6.8% in the fourth quarter. Glenmede Trust Co. NA now owns 3,191 shares of the basic materials company’s stock worth $297,000 after buying an additional 202 shares during the last quarter. Finally, Synovus Financial Corp lifted its position in Bunge by 3.3% in the fourth quarter. Synovus Financial Corp now owns 4,956 shares of the basic materials company’s stock worth $461,000 after buying an additional 156 shares during the last quarter. 84.06% of the stock is owned by hedge funds and other institutional investors.

About Bunge (Get Rating)

Bunge Limited 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 primarily wheat and corn; and processes oilseeds into vegetable oils and protein meals.

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