914,291 Bunge Global SA $BG Shares Bought by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama sharply increased its Bunge Global stake by 914,291 shares, a 3,204.4% rise in the third quarter, bringing its holdings to 942,823 shares worth about $99 million.
• Bunge beat quarterly earnings and revenue expectations, reporting EPS of $2.56 versus $2.41 expected and revenue of $23.8 billion; revenue grew 7.4% year over year.
• Analyst sentiment is mixed but leans positive: eight analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and a $132.38 price target. One firm issued a strong-sell rating, while others maintained or raised positive ratings.

Retirement Systems of Alabama grew its stake in shares of Bunge Global SA (NYSE:BG - Free Report) by 3,204.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 942,823 shares of the basic materials company's stock after acquiring an additional 914,291 shares during the quarter. Retirement Systems of Alabama owned about 0.49% of Bunge Global worth $98,970,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Bunge Global by 15.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 10,011 shares of the basic materials company's stock worth $1,067,000 after purchasing an additional 1,325 shares during the period. Avion Wealth grew its stake in shares of Bunge Global by 7,246.7% during the 3rd quarter. Avion Wealth now owns 1,102 shares of the basic materials company's stock valued at $115,000 after buying an additional 1,087 shares during the period. Ethic Inc. grew its stake in shares of Bunge Global by 8,910.3% during the 3rd quarter. Ethic Inc. now owns 253,459 shares of the basic materials company's stock valued at $26,600,000 after buying an additional 250,646 shares during the period. 180 Wealth Advisors LLC grew its stake in shares of Bunge Global by 25.0% during the 3rd quarter. 180 Wealth Advisors LLC now owns 32,839 shares of the basic materials company's stock valued at $3,501,000 after buying an additional 6,565 shares during the period. Finally, Kornitzer Capital Management Inc. KS increased its holdings in shares of Bunge Global by 31.5% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 88,975 shares of the basic materials company's stock worth $9,472,000 after buying an additional 21,320 shares during the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Bunge Global Trading Up 1.9%

Shares of BG stock opened at $101.00 on Tuesday. The company has a quick ratio of 0.65, a current ratio of 1.50 and a debt-to-equity ratio of 0.50. Bunge Global SA has a fifty-two week low of $88.24 and a fifty-two week high of $134.87. The firm's 50 day moving average price is $108.83 and its two-hundred day moving average price is $116.66. The stock has a market cap of $19.41 billion, a price-to-earnings ratio of 16.97 and a beta of 0.70.

Bunge Global (NYSE:BG - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The basic materials company reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.15. Bunge Global had a net margin of 1.24% and a return on equity of 9.34%. The company had revenue of $23.80 billion during the quarter, compared to analyst estimates of $23.28 billion. During the same quarter in the prior year, the business earned $2.27 earnings per share. The business's quarterly revenue was up 7.4% compared to the same quarter last year. On average, analysts anticipate that Bunge Global SA will post 9.63 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BG shares. Zacks Research lowered Bunge Global from a "hold" rating to a "strong sell" rating in a research report on Friday, October 30th. JPMorgan Chase & Co. reduced their target price on Bunge Global from $140.00 to $139.00 and set an "overweight" rating on the stock in a report on Monday, October 12th. Weiss Ratings raised Bunge Global from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, October 27th. BMO Capital Markets restated an "outperform" rating and set a $150.00 price target on shares of Bunge Global in a research note on Thursday, August 13th. Finally, UBS Group raised their price objective on Bunge Global from $145.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday, September 10th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $132.38.

Bunge Global Company Profile

Bunge Global is an agribusiness and food company that connects farmers with customers around the world. Its activities include sourcing, storing, transporting and processing agricultural commodities, particularly oilseeds and grains.

The company produces vegetable oils, protein meals, specialty fats and other ingredients used in food, animal feed and renewable fuel markets. It also provides grain and oilseed merchandising and related supply-chain services.

Founded in 1818, Bunge expanded from its European origins into a global business.

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