National Bank of Canada FI Increases Stock Holdings in Bunge Global SA (NYSE:BG)

National Bank of Canada FI lifted its stake in shares of Bunge Global SA (NYSE:BG) by 5.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,129 shares of the basic materials company’s stock after purchasing an additional 2,026 shares during the quarter. National Bank of Canada FI’s holdings in Bunge Global were worth $3,971,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Foster & Motley Inc. lifted its position in Bunge Global by 36.6% in the second quarter. Foster & Motley Inc. now owns 35,292 shares of the basic materials company’s stock valued at $3,768,000 after purchasing an additional 9,455 shares during the period. Impact Partnership Wealth LLC purchased a new stake in shares of Bunge Global in the second quarter valued at approximately $758,000. Deseret Mutual Benefit Administrators grew its holdings in Bunge Global by 58.6% during the second quarter. Deseret Mutual Benefit Administrators now owns 536 shares of the basic materials company’s stock worth $57,000 after acquiring an additional 198 shares during the period. Privium Fund Management UK Ltd acquired a new position in Bunge Global during the second quarter worth $1,103,000. Finally, CIBC Asset Management Inc raised its position in Bunge Global by 9.3% in the second quarter. CIBC Asset Management Inc now owns 22,774 shares of the basic materials company’s stock worth $2,432,000 after acquiring an additional 1,934 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Bunge Global Price Performance

Shares of NYSE BG opened at $96.16 on Wednesday. The company has a current ratio of 2.03, a quick ratio of 0.97 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average price is $103.59 and its 200 day moving average price is $102.88. Bunge Global SA has a 52 week low of $86.10 and a 52 week high of $115.84. The stock has a market cap of $13.62 billion, a price-to-earnings ratio of 7.74 and a beta of 0.65.

Bunge Global (NYSE:BG) last issued its quarterly earnings data 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 return on equity of 14.84% and a net margin of 2.33%. The business had revenue of $13.24 billion for the quarter, compared to analysts’ expectations of $14.30 billion. During the same period last year, the business earned $3.72 earnings per share. The company’s revenue for the quarter was down 12.0% on a year-over-year basis. As a group, research analysts forecast that Bunge Global SA will post 9.3 earnings per share for the current fiscal 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.