Bunge Global SA $BG Shares Purchased by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital SGR increased its Bunge stake by 5,241.2% in the third quarter, to 1,047,513 shares worth about $110.2 million. Other institutional investors also expanded holdings; institutions collectively own 86.23% of the stock.
• Bunge reported quarterly EPS of $2.56, beating the $2.41 consensus, and revenue of $23.8 billion, above expectations and up 7.4% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $132.38, though ratings range from Buy to Sell.

Eurizon Capital SGR S.p.A. lifted its stake in shares of Bunge Global SA (NYSE:BG - Free Report) by 5,241.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,047,513 shares of the basic materials company's stock after acquiring an additional 1,027,901 shares during the period. Eurizon Capital SGR S.p.A. owned approximately 0.55% of Bunge Global worth $110,215,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new stake in Bunge Global during the second quarter valued at about $266,653,000. Robeco Institutional Asset Management B.V. lifted its stake in 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 worth $217,777,000 after purchasing an additional 1,790,978 shares during the last quarter. Fifth Third Bancorp lifted its stake in Bunge Global by 20,301.4% during the third quarter. Fifth Third Bancorp now owns 995,794 shares of the basic materials company's stock worth $104,469,000 after purchasing an additional 990,913 shares during the last quarter. Retirement Systems of Alabama lifted its stake in 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 worth $98,970,000 after purchasing an additional 914,291 shares during the last quarter. Finally, Keybank National Association OH boosted its holdings in shares of Bunge Global by 2,644.2% in the 3rd quarter. Keybank National Association OH now owns 566,174 shares of the basic materials company's stock worth $59,441,000 after purchasing an additional 545,542 shares in the last quarter. 86.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BG has been the subject of a number of research reports. UBS Group upped 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. Zacks Research cut Bunge Global from a "hold" rating to a "strong sell" rating in a report on Friday, October 30th. Weiss Ratings downgraded Bunge Global from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday. BMO Capital Markets restated an "outperform" rating and issued a $150.00 target price on shares of Bunge Global in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. cut their target price on Bunge Global from $140.00 to $139.00 and set an "overweight" rating for the company in a research note on Monday, October 12th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $132.38.

Bunge Global Price Performance

BG stock opened at $99.96 on Friday. 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 52 week low of $88.24 and a 52 week high of $134.87. The firm's fifty day moving average is $107.61 and its 200 day moving average is $116.45. The firm has a market cap of $19.21 billion, a P/E ratio of 16.80 and a beta of 0.70.

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

About Bunge Global

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.