Bunge Global SA $BG Stock: Fifth Third Bancorp Grows Stake

Key Points

• Fifth Third Bancorp increased its Bunge Global stake by 20,301.4% in the third quarter, ending with 995,794 shares worth about $104.5 million, or 0.52% of the company.
• Bunge reported quarterly EPS of $2.56, beating the $2.41 consensus, while revenue of $23.8 billion also topped estimates and rose 7.4% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $132.38; ratings include eight Buys, two Holds, and one Sell.

Fifth Third Bancorp boosted its holdings in Bunge Global SA (NYSE:BG - Free Report) by 20,301.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 995,794 shares of the basic materials company's stock after buying an additional 990,913 shares during the quarter. Fifth Third Bancorp owned 0.52% of Bunge Global worth $104,469,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gould Asset Management LLC CA boosted its holdings in shares of Bunge Global by 2.3% during the 1st quarter. Gould Asset Management LLC CA now owns 4,379 shares of the basic materials company's stock valued at $557,000 after acquiring an additional 99 shares during the last quarter. Chicago Partners Investment Group LLC raised its holdings in shares of Bunge Global by 5.4% during the third quarter. Chicago Partners Investment Group LLC now owns 2,130 shares of the basic materials company's stock valued at $220,000 after purchasing an additional 110 shares during the last quarter. CoreCap Advisors LLC raised its holdings in shares of Bunge Global by 19.3% during the second quarter. CoreCap Advisors LLC now owns 747 shares of the basic materials company's stock valued at $80,000 after purchasing an additional 121 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Bunge Global by 0.6% during the first quarter. PNC Financial Services Group Inc. now owns 20,150 shares of the basic materials company's stock valued at $2,563,000 after purchasing an additional 129 shares during the period. Finally, Valeo Financial Advisors LLC lifted its position in Bunge Global by 5.7% during the second quarter. Valeo Financial Advisors LLC now owns 2,421 shares of the basic materials company's stock valued at $258,000 after purchasing an additional 130 shares during the period. Institutional investors own 86.23% of the company's stock.

Wall Street Analysts Forecast Growth

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

Bunge Global Price Performance

Shares of NYSE:BG opened at $100.39 on Thursday. The firm's 50 day moving average price is $108.08 and its 200-day moving average price is $116.52. Bunge Global SA has a twelve month low of $88.24 and a twelve month high of $134.87. The company has a quick ratio of 0.65, a current ratio of 1.50 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $19.29 billion, a PE ratio of 16.87 and a beta of 0.70.

Bunge Global (NYSE:BG - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $23.80 billion for the quarter, compared to the consensus estimate 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 firm posted $2.27 earnings per share. Equities research analysts expect that Bunge Global SA will post 9.63 EPS 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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