Bunge Global SA $BG Holdings Increased by Keybank National Association OH

Key Points

• Keybank National Association OH increased its Bunge Global stake by 2,644.2% in the third quarter, to 566,174 shares valued at about $59.4 million. Other institutional investors also expanded holdings; institutions own 86.23% of the stock.
• Bunge beat quarterly expectations, reporting EPS of $2.56 versus $2.41 expected and revenue of $23.8 billion, up 7.4% year over year.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $132.38, though one firm downgraded it to “strong sell.”

Keybank National Association OH increased its position in Bunge Global SA (NYSE:BG - Free Report) by 2,644.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 566,174 shares of the basic materials company's stock after buying an additional 545,542 shares during the quarter. Keybank National Association OH owned 0.29% of Bunge Global worth $59,441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in BG. Bank of New York Mellon Corp bought a new stake in Bunge Global during the 2nd quarter worth approximately $266,653,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Bunge Global by 638.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,071,356 shares of the basic materials company's stock valued at $217,777,000 after acquiring an additional 1,790,978 shares during the last quarter. Amundi raised its stake in shares of Bunge Global by 9.4% during the first quarter. Amundi now owns 1,186,039 shares of the basic materials company's stock valued at $150,853,000 after acquiring an additional 101,942 shares during the last quarter. Retirement Systems of Alabama raised its stake in shares of Bunge Global by 3,204.4% during the third quarter. Retirement Systems of Alabama now owns 942,823 shares of the basic materials company's stock valued at $98,970,000 after acquiring an additional 914,291 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Bunge Global by 7,859.7% during the third quarter. Commonwealth Equity Services LLC now owns 538,237 shares of the basic materials company's stock worth $56,476,000 after purchasing an additional 531,475 shares during the period. Institutional investors own 86.23% of the company's stock.

Wall Street Analysts Forecast Growth

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

Bunge Global Stock Performance

NYSE:BG opened at $99.47 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.65 and a current ratio of 1.50. Bunge Global SA has a fifty-two week low of $88.24 and a fifty-two week high of $134.87. The company has a 50 day simple moving average of $108.49 and a two-hundred day simple moving average of $116.59. The company has a market capitalization of $19.11 billion, a PE ratio of 16.72 and a beta of 0.70.

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

Bunge Global 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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