Bunge Global (NYSE:BG) Shares Gap Down Following Weak Earnings

Bunge Global SA (NYSE:BG) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $75.02, but opened at $71.26. Bunge Global shares last traded at $71.64, with a volume of 130,061 shares changing hands.

The basic materials company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.17). Bunge Global had a net margin of 2.11% and a return on equity of 13.71%.

Wall Street Analysts Forecast Growth

BG has been the topic of a number of research analyst reports. Barclays lowered Bunge Global from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $115.00 to $95.00 in a report on Tuesday, January 21st. Stephens dropped their price target on shares of Bunge Global from $110.00 to $105.00 in a research report on Monday. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $110.83.

Hedge Funds Weigh In On Bunge Global

Several large investors have recently made changes to their positions in BG. State Street Corp grew its holdings in shares of Bunge Global by 7.6% in the 3rd quarter. State Street Corp now owns 7,051,601 shares of the basic materials company’s stock worth $681,467,000 after acquiring an additional 500,897 shares during the last quarter. Geode Capital Management LLC increased its stake in Bunge Global by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,422,968 shares of the basic materials company’s stock worth $329,697,000 after purchasing an additional 45,159 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Bunge Global by 13,459.9% during the 4th quarter. Pacer Advisors Inc. now owns 2,956,459 shares of the basic materials company’s stock worth $229,894,000 after buying an additional 2,934,656 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Bunge Global by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,444,621 shares of the basic materials company’s stock valued at $139,608,000 after buying an additional 50,615 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Bunge Global by 5.2% in the fourth quarter. Bank of New York Mellon Corp now owns 840,587 shares of the basic materials company’s stock worth $65,364,000 after buying an additional 41,884 shares during the period. Institutional investors own 86.23% of the company’s stock.

Bunge Global Stock Performance

The firm’s fifty day simple moving average is $80.13 and its 200 day simple moving average is $90.31. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.07 and a quick ratio of 1.10. The company has a market capitalization of $9.75 billion, a price-to-earnings ratio of 8.84 and a beta of 0.69.

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.