PNC Financial Services Group Inc. Sells 9,592 Shares of Bunge Global SA (NYSE:BG)

Key Points

• PNC Financial Services Group Inc. sold 9,592 shares of Bunge Global SA, reducing its stake by 21% to 36,183 shares worth approximately $2.76 million.
• Multiple hedge funds have either increased their positions or established new stakes in Bunge Global, highlighting a significant interest in the stock, which is 86.23% owned by institutional investors.
• Bunge Global's latest earnings report showed an earnings per share of $1.31, exceeding estimates, but revenue declined by 3.6% year-over-year.

PNC Financial Services Group Inc. decreased its holdings in Bunge Global SA (NYSE:BG - Free Report) by 21.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,183 shares of the basic materials company's stock after selling 9,592 shares during the period. PNC Financial Services Group Inc.'s holdings in Bunge Global were worth $2,765,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of BG. Kingsview Wealth Management LLC acquired a new position in Bunge Global in the first quarter valued at $9,180,000. GAMMA Investing LLC boosted its stake in Bunge Global by 152.1% in the first quarter. GAMMA Investing LLC now owns 3,275 shares of the basic materials company's stock valued at $250,000 after acquiring an additional 1,976 shares in the last quarter. Siemens Fonds Invest GmbH acquired a new position in Bunge Global in the fourth quarter valued at $1,596,000. Nisa Investment Advisors LLC raised its holdings in shares of Bunge Global by 23.6% in the first quarter. Nisa Investment Advisors LLC now owns 5,341 shares of the basic materials company's stock valued at $408,000 after buying an additional 1,021 shares during the last quarter. Finally, J.W. Cole Advisors Inc. purchased a new stake in shares of Bunge Global in the first quarter valued at about $898,000. Institutional investors and hedge funds own 86.23% of the company's stock.

Bunge Global Stock Performance

Bunge Global stock traded up $0.29 on Friday, reaching $83.04. 1,505,499 shares of the stock were exchanged, compared to its average volume of 1,923,738. The firm has a fifty day moving average price of $78.71 and a two-hundred day moving average price of $76.74. The stock has a market cap of $11.16 billion, a PE ratio of 8.30, a PEG ratio of 5.12 and a beta of 0.67. The company has a current ratio of 2.07, a quick ratio of 1.29 and a debt-to-equity ratio of 0.59. Bunge Global SA has a twelve month low of $67.40 and a twelve month high of $101.81.

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

Bunge Global Announces Dividend

The company 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 $0.70 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $2.80 annualized dividend and a yield of 3.4%. Bunge Global's dividend payout ratio (DPR) is 27.97%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BG shares. Stephens decreased their price target on Bunge Global from $90.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Citigroup boosted their price target on Bunge Global from $76.00 to $77.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Bunge Global has a consensus rating of "Hold" and a consensus price target of $81.60.

Bunge Global 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.