Danske Bank A S Buys 1,021,621 Shares of Bunge Global SA $BG

Key Points

• Danske Bank increased its Bunge Global stake by 1,021,621 shares in the third quarter, a 14,409.3% increase. It held 1,028,711 shares, worth about $107.9 million.
• Other institutional investors also added shares, including Robeco, Aberdeen Group and Eurizon Capital; institutions collectively owned 86.23% of Bunge’s stock.
• Bunge beat quarterly earnings and revenue estimates, reporting EPS of $2.56 and revenue of $23.8 billion. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $132.38.

Danske Bank A S increased its stake in shares of Bunge Global SA (NYSE:BG - Free Report) by 14,409.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,028,711 shares of the basic materials company's stock after purchasing an additional 1,021,621 shares during the period. Danske Bank A S owned approximately 0.54% of Bunge Global worth $107,925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new stake in Bunge Global in the 2nd quarter worth approximately $266,653,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Bunge Global by 638.8% during the 3rd 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 buying an additional 1,790,978 shares during the period. Aberdeen Group plc lifted its holdings in shares of Bunge Global by 5,745.9% during the 3rd quarter. Aberdeen Group plc now owns 1,263,069 shares of the basic materials company's stock valued at $132,541,000 after buying an additional 1,241,463 shares during the period. Eurizon Capital SGR S.p.A. lifted its holdings in shares of Bunge Global by 5,241.2% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 1,047,513 shares of the basic materials company's stock valued at $110,215,000 after buying an additional 1,027,901 shares during the period. Finally, Fifth Third Bancorp boosted its stake in shares of Bunge Global by 20,301.4% in the 3rd quarter. Fifth Third Bancorp now owns 995,794 shares of the basic materials company's stock worth $104,469,000 after buying an additional 990,913 shares during the last quarter. Institutional investors own 86.23% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on BG shares. Zacks Research lowered Bunge Global from a "hold" rating to a "strong sell" rating in a report on Friday, October 30th. UBS Group increased their target price 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 reissued an "outperform" rating and issued a $150.00 target price on shares of Bunge Global in a research report on Thursday, August 13th. Weiss Ratings cut Bunge Global from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. cut their price target 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 analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $132.38.

Bunge Global Stock Performance

BG traded up $1.65 during trading on Friday, hitting $101.63. The company's stock had a trading volume of 987,711 shares, compared to its average volume of 1,753,681. 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 one year low of $88.24 and a one year high of $134.87. The firm has a market cap of $19.53 billion, a PE ratio of 17.08 and a beta of 0.70. The business's 50 day simple moving average is $107.24 and its 200-day simple moving average is $116.38.

Bunge Global (NYSE:BG - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The basic materials company reported $2.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.41 by $0.15. The firm had revenue of $23.80 billion during 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 company's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.27 EPS. As a group, sell-side analysts predict that Bunge Global SA will post 9.63 EPS for the current fiscal 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.

Want to see what other hedge funds are holding BG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bunge Global SA (NYSE:BG - Free Report).

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.