Baker Avenue Asset Management LP Increases Position in Bunge Global SA (NYSE:BG)

Key Points

• Baker Avenue Asset Management LP increased its holdings in Bunge Global SA by 5.8% to 301,699 shares, valued at approximately $23.06 million, representing 0.7% of its investment portfolio.
• Bunge Global reported a quarterly earnings per share of $1.31, surpassing estimates and generating $12.77 billion in revenue, though this represents a 3.6% decrease from the previous year.
• The company declared a quarterly dividend of $0.70, equating to an annualized yield of 3.5%, with the ex-dividend date set for February 17.

Baker Avenue Asset Management LP lifted its holdings in shares of Bunge Global SA (NYSE:BG - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 301,699 shares of the basic materials company's stock after acquiring an additional 16,659 shares during the period. Bunge Global makes up 0.7% of Baker Avenue Asset Management LP's holdings, making the stock its 29th biggest holding. Baker Avenue Asset Management LP owned 0.23% of Bunge Global worth $23,056,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Moors & Cabot Inc. increased its position in shares of Bunge Global by 2.1% during the first quarter. Moors & Cabot Inc. now owns 7,690 shares of the basic materials company's stock worth $588,000 after acquiring an additional 158 shares in the last quarter. US Bancorp DE lifted its stake in shares of Bunge Global by 28.2% during the 1st quarter. US Bancorp DE now owns 6,771 shares of the basic materials company's stock valued at $517,000 after buying an additional 1,490 shares in the last quarter. Monaco Asset Management SAM purchased a new stake in shares of Bunge Global during the 1st quarter valued at approximately $238,000. Bayforest Capital Ltd lifted its stake in Bunge Global by 44.7% in the 1st quarter. Bayforest Capital Ltd now owns 7,368 shares of the basic materials company's stock worth $563,000 after purchasing an additional 2,277 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Bunge Global in the 1st quarter worth approximately $343,000. 86.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on BG shares. Stephens lowered their price objective on shares of Bunge Global from $90.00 to $85.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Citigroup raised their price objective on shares of Bunge Global from $76.00 to $77.00 and gave the company a "neutral" rating in a research report on Tuesday, April 15th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $81.60.

Bunge Global Stock Performance

Shares of BG traded down $1.76 during mid-day trading on Friday, hitting $78.00. 1,878,573 shares of the company traded hands, compared to its average volume of 1,833,320. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.12 and a current ratio of 2.07. The stock has a 50-day moving average price of $78.40 and a two-hundred day moving average price of $76.65. Bunge Global SA has a 1 year low of $67.40 and a 1 year high of $102.57. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of 7.79, a P/E/G ratio of 3.86 and a beta of 0.67.

Bunge Global (NYSE:BG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The basic materials company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.12. Bunge Global had a net margin of 2.71% and a return on equity of 9.16%. The business had revenue of $12.77 billion during the quarter, compared to analysts' expectations of $12.57 billion. During the same period in the prior year, the company earned $1.73 earnings per share. The firm's revenue was down 3.6% on a year-over-year basis. Equities analysts anticipate that Bunge Global SA will post 7.94 earnings per share for the current year.

Bunge Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 3rd. Shareholders of record on Tuesday, February 17th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, February 17th. Bunge Global's dividend payout ratio is currently 27.97%.

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.