Corebridge Financial Inc. Reduces Stock Position in Bunge Global SA (NYSE:BG)

Corebridge Financial Inc. lowered its stake in shares of Bunge Global SA (NYSE:BG) by 6.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,056 shares of the basic materials company’s stock after selling 2,109 shares during the quarter. Corebridge Financial Inc.’s holdings in Bunge Global were worth $2,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Old West Investment Management LLC grew its holdings in Bunge Global by 6.7% during the 3rd quarter. Old West Investment Management LLC now owns 120,043 shares of the basic materials company’s stock worth $11,601,000 after acquiring an additional 7,489 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Bunge Global during the third quarter worth about $751,000. CreativeOne Wealth LLC grew its stake in Bunge Global by 9.8% in the third quarter. CreativeOne Wealth LLC now owns 4,440 shares of the basic materials company’s stock worth $429,000 after purchasing an additional 398 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bunge Global by 3.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 46,296 shares of the basic materials company’s stock valued at $4,474,000 after buying an additional 1,337 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its stake in Bunge Global by 17.2% during the third quarter. Public Sector Pension Investment Board now owns 6,140 shares of the basic materials company’s stock valued at $593,000 after buying an additional 900 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Bunge Global Stock Performance

Shares of BG opened at $76.52 on Tuesday. The firm has a fifty day moving average of $73.80 and a 200-day moving average of $82.75. The company has a market cap of $10.25 billion, a price-to-earnings ratio of 9.47, a price-to-earnings-growth ratio of 2.66 and a beta of 0.67. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.27 and a current ratio of 2.15. Bunge Global SA has a 1 year low of $67.40 and a 1 year high of $114.92.

Bunge Global (NYSE:BG) last posted its earnings results on Wednesday, February 5th. The basic materials company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.17). Bunge Global had a net margin of 2.14% and a return on equity of 11.73%. As a group, equities analysts anticipate that Bunge Global SA will post 7.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

BG has been the subject of several research reports. Morgan Stanley decreased their target price on Bunge Global from $90.00 to $74.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 11th. Barclays lowered their target price on shares of Bunge Global from $95.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Bank of America reduced their price target on shares of Bunge Global from $105.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Finally, Stephens lowered their price objective on shares of Bunge Global from $110.00 to $105.00 in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $93.00.

Bunge Global 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.