Bunge Global SA (NYSE:BG) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in shares of Bunge Global SA (NYSE:BG) by 9.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,774 shares of the basic materials company’s stock after acquiring an additional 1,934 shares during the period. CIBC Asset Management Inc’s holdings in Bunge Global were worth $2,432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Bunge Global by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 18,954,832 shares of the basic materials company’s stock valued at $1,913,490,000 after buying an additional 578,065 shares during the period. Dimensional Fund Advisors LP raised its holdings in Bunge Global by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,138,378 shares of the basic materials company’s stock valued at $215,879,000 after buying an additional 42,592 shares during the period. LSV Asset Management lifted its position in Bunge Global by 33.4% during the first quarter. LSV Asset Management now owns 1,909,319 shares of the basic materials company’s stock valued at $195,743,000 after buying an additional 478,559 shares in the last quarter. Norges Bank purchased a new position in shares of Bunge Global in the fourth quarter valued at $128,092,000. Finally, Acadian Asset Management LLC grew its stake in Bunge Global by 4.0% during the 1st quarter. Acadian Asset Management LLC now owns 702,095 shares of the basic materials company’s stock valued at $71,965,000 after purchasing an additional 27,235 shares in the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Analyst Ratings Changes

Separately, Citigroup cut shares of Bunge Global from a “buy” rating to a “neutral” rating and cut their target price for the stock 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bunge Global presently has an average rating of “Moderate Buy” and an average price target of $118.00.

Bunge Global Stock Down 1.4 %

BG opened at $98.79 on Friday. The company has a current ratio of 2.03, a quick ratio of 0.97 and a debt-to-equity ratio of 0.37. Bunge Global SA has a 1-year low of $86.10 and a 1-year high of $115.84. The business has a 50 day moving average of $104.21 and a 200-day moving average of $102.64. The stock has a market capitalization of $13.99 billion, a price-to-earnings ratio of 7.95 and a beta of 0.67.

Bunge Global (NYSE:BG) last announced its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share 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 during the quarter, compared to the consensus estimate of $14.30 billion. During the same quarter last year, the company earned $3.72 earnings per share. The business’s revenue was down 12.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Bunge Global SA will post 9.3 earnings per share for the current year.

Bunge Global Company 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.