Allstate Corp Invests $394,000 in Bunge Global SA $BG

Allstate Corp bought a new position in shares of Bunge Global SA (NYSE:BG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,855 shares of the basic materials company’s stock, valued at approximately $394,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Bunge Global by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,535,869 shares of the basic materials company’s stock valued at $282,683,000 after purchasing an additional 80,082 shares during the last quarter. LSV Asset Management increased its holdings in Bunge Global by 2.1% in the second quarter. LSV Asset Management now owns 2,135,862 shares of the basic materials company’s stock valued at $171,467,000 after buying an additional 43,343 shares during the last quarter. Norges Bank purchased a new position in Bunge Global in the second quarter valued at $149,380,000. Charles Schwab Investment Management Inc. raised its stake in Bunge Global by 6.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,702,989 shares of the basic materials company’s stock valued at $136,716,000 after buying an additional 99,320 shares in the last quarter. Finally, Amundi lifted its holdings in Bunge Global by 8.9% during the 2nd quarter. Amundi now owns 1,477,573 shares of the basic materials company’s stock worth $117,293,000 after buying an additional 120,626 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BG. BMO Capital Markets increased their price objective on Bunge Global from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, October 16th. Stephens raised their price objective on shares of Bunge Global from $85.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. UBS Group boosted their price objective on shares of Bunge Global from $100.00 to $108.00 in a research report on Wednesday, December 24th. JPMorgan Chase & Co. increased their target price on shares of Bunge Global from $109.00 to $117.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Zacks Research upgraded shares of Bunge Global from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $110.67.

Bunge Global Trading Up 0.8%

NYSE BG opened at $113.55 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.83 and a current ratio of 1.66. The firm has a market cap of $21.96 billion, a PE ratio of 12.22, a P/E/G ratio of 1.71 and a beta of 0.78. Bunge Global SA has a one year low of $67.40 and a one year high of $114.00. The firm’s fifty day moving average is $96.00 and its two-hundred day moving average is $88.38.

Bunge Global (NYSE:BG) last announced its earnings results on Wednesday, November 5th. The basic materials company reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.04. The business had revenue of $22.16 billion during the quarter, compared to the consensus estimate of $22.46 billion. Bunge Global had a net margin of 2.20% and a return on equity of 9.06%. The business’s quarterly revenue was up 71.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.29 earnings per share. Analysts expect that Bunge Global SA will post 7.94 earnings per share for the current year.

Insider Buying and Selling at Bunge Global

In other news, VP Christos Dimopoulos sold 25,300 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $94.37, for a total value of $2,387,561.00. Following the transaction, the vice president owned 104,537 shares of the company’s stock, valued at approximately $9,865,156.69. The trade was a 19.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.80% of the company’s stock.

Bunge Global Company Profile

Bunge Global is a leading agribusiness and food company that processes oilseeds and grains, produces sugar and bioenergy, and supplies fertilizers and other agricultural inputs. The company operates an integrated value chain that spans origination, processing, and distribution, enabling it to serve food processors, livestock producers, and retail customers worldwide. Through its network of processing plants, port terminals and logistics assets, Bunge handles a diverse portfolio of commodities, including soybeans, corn, wheat, vegetable oils, and sugarcane.

The company’s core business activities are organized into agribusiness and food & ingredients segments.