Canal Capital Management LLC Reduces Position in Bunge Global SA (NYSE:BG)

Canal Capital Management LLC lowered its holdings in Bunge Global SA (NYSE:BG) by 0.5% in the second quarter, HoldingsChannel reports. The firm owned 63,455 shares of the basic materials company’s stock after selling 296 shares during the period. Bunge Global comprises about 1.2% of Canal Capital Management LLC’s portfolio, making the stock its 27th largest holding. Canal Capital Management LLC’s holdings in Bunge Global were worth $6,775,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of BG. Blue Trust Inc. grew its holdings in Bunge Global by 52.3% during the 2nd quarter. Blue Trust Inc. now owns 297 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 102 shares in the last quarter. Atlas Capital Advisors LLC grew its stake in Bunge Global by 261.3% in the second quarter. Atlas Capital Advisors LLC now owns 383 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 277 shares in the last quarter. Riverview Trust Co bought a new stake in Bunge Global in the first quarter valued at about $46,000. Versant Capital Management Inc acquired a new stake in Bunge Global during the second quarter valued at approximately $48,000. Finally, Gladius Capital Management LP bought a new position in Bunge Global during the 2nd quarter worth approximately $49,000. Institutional investors and hedge funds own 86.23% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Citigroup downgraded Bunge Global from a “buy” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $114.00 in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $118.00.

Bunge Global Stock Up 0.3 %

NYSE:BG opened at $101.38 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.10 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average of $104.81 and a 200-day moving average of $102.46. The firm has a market capitalization of $14.35 billion, a PE ratio of 8.16 and a beta of 0.67. Bunge Global SA has a 52 week low of $86.10 and a 52 week high of $115.84.

Bunge Global (NYSE:BG) last released its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.06). Bunge Global had a net margin of 2.33% and a return on equity of 14.84%. The company had revenue of $13.24 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same quarter in the prior year, the firm earned $3.72 EPS. The company’s revenue for the quarter was down 12.0% compared to the same quarter last year. Analysts predict that Bunge Global SA will post 9.4 EPS for the current year.

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.