Bank of America Corp DE Reduces Holdings in Bunge Global SA (NYSE:BG)

Bank of America Corp DE reduced its stake in shares of Bunge Global SA (NYSE:BG) by 56.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 325,344 shares of the basic materials company’s stock after selling 425,687 shares during the quarter. Bank of America Corp DE owned about 0.23% of Bunge Global worth $25,299,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. FMR LLC raised its position in Bunge Global by 25.3% in the 4th quarter. FMR LLC now owns 3,465,636 shares of the basic materials company’s stock valued at $269,488,000 after purchasing an additional 699,889 shares during the last quarter. Geode Capital Management LLC increased its stake in Bunge Global by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,457,858 shares of the basic materials company’s stock valued at $268,205,000 after purchasing an additional 34,890 shares during the period. Invesco Ltd. raised its holdings in shares of Bunge Global by 28.6% in the fourth quarter. Invesco Ltd. now owns 3,206,646 shares of the basic materials company’s stock valued at $249,349,000 after buying an additional 713,561 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Bunge Global by 13,459.9% in the fourth quarter. Pacer Advisors Inc. now owns 2,956,459 shares of the basic materials company’s stock valued at $229,894,000 after buying an additional 2,934,656 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Bunge Global by 8.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,486,976 shares of the basic materials company’s stock worth $193,379,000 after buying an additional 183,701 shares during the period. 86.23% of the stock is owned by hedge funds and other institutional investors.

Bunge Global Price Performance

Shares of BG opened at $81.52 on Monday. The company has a current ratio of 2.15, a quick ratio of 1.27 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average is $76.73 and its two-hundred day moving average is $78.56. Bunge Global SA has a twelve month low of $67.40 and a twelve month high of $114.92. The firm has a market capitalization of $10.96 billion, a PE ratio of 10.09, a P/E/G ratio of 2.66 and a beta of 0.68.

Bunge Global (NYSE:BG) last posted its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.54. Bunge Global had a return on equity of 11.73% and a net margin of 2.14%. The firm had revenue of $11.64 billion for the quarter, compared to the consensus estimate of $13.18 billion. During the same period in the previous year, the business earned $3.04 earnings per share. The company’s revenue for the quarter was down 13.2% compared to the same quarter last year. Research analysts anticipate that Bunge Global SA will post 7.94 earnings per share for the current year.

Bunge Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be paid a dividend of $0.70 per share. The ex-dividend date is Monday, May 19th. This is a boost from Bunge Global’s previous quarterly dividend of $0.68. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.43%. Bunge Global’s dividend payout ratio is 34.52%.

Analysts Set New Price Targets

BG has been the topic of several recent research reports. Morgan Stanley dropped their price target on Bunge Global from $90.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 11th. Barclays lowered their target price on Bunge Global from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. Bank of America cut their price target on Bunge Global from $105.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Citigroup increased their price target on Bunge Global from $76.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, April 15th. Finally, Stephens dropped their price objective on shares of Bunge Global from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $81.60.

About Bunge Global

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.