Bunge Global (NYSE:BG) Hits New 52-Week High on Analyst Upgrade

Shares of Bunge Global SA (NYSE:BG) hit a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $109.00 to $117.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Bunge Global traded as high as $110.37 and last traded at $110.1140, with a volume of 2109128 shares. The stock had previously closed at $107.81.

Several other research analysts have also issued reports on BG. Morgan Stanley raised Bunge Global from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $95.00 to $120.00 in a research report on Tuesday, December 16th. Zacks Research upgraded Bunge Global from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Bunge Global in a research report on Wednesday, December 24th. Citigroup reissued a “buy” rating on shares of Bunge Global in a research report on Tuesday, December 2nd. Finally, BMO Capital Markets raised their price target on shares of Bunge Global from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $110.67.

Insider Transactions at Bunge Global

In other Bunge Global news, VP Christos Dimopoulos sold 25,300 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $94.37, for a total transaction of $2,387,561.00. Following the completion of the transaction, the vice president directly owned 104,537 shares of the company’s stock, valued at approximately $9,865,156.69. This trade represents a 19.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Glencore plc grew its position in Bunge Global by 100.0% during the 4th quarter. Glencore plc now owns 65,612,206 shares of the basic materials company’s stock worth $5,844,735,000 after purchasing an additional 32,806,103 shares during the period. Vanguard Group Inc. grew its holdings in Bunge Global by 0.7% during the third quarter. Vanguard Group Inc. now owns 16,792,204 shares of the basic materials company’s stock worth $1,364,367,000 after acquiring an additional 125,001 shares during the period. Capital World Investors grew its holdings in Bunge Global by 4.5% during the third quarter. Capital World Investors now owns 16,200,000 shares of the basic materials company’s stock worth $1,316,299,000 after acquiring an additional 694,709 shares during the period. State Street Corp raised its position in Bunge Global by 1.3% during the third quarter. State Street Corp now owns 6,921,322 shares of the basic materials company’s stock valued at $562,390,000 after acquiring an additional 85,873 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Bunge Global by 2.3% in the second quarter. Geode Capital Management LLC now owns 3,535,869 shares of the basic materials company’s stock valued at $282,683,000 after acquiring an additional 80,082 shares during the period. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Bunge Global Trading Up 0.5%

The firm has a market cap of $21.78 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 1.70 and a beta of 0.78. The company has a 50-day simple moving average of $95.64 and a 200 day simple moving average of $88.11. The company has a current ratio of 1.66, a quick ratio of 0.83 and a debt-to-equity ratio of 0.57.

Bunge Global (NYSE:BG) last posted its earnings results on Wednesday, November 5th. The basic materials company reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.04. The firm had revenue of $22.16 billion during the quarter, compared to analysts’ expectations of $22.46 billion. Bunge Global had a net margin of 2.20% and a return on equity of 9.06%. The business’s revenue was up 71.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.29 EPS. As a group, sell-side analysts forecast that Bunge Global SA will post 7.94 earnings per share for the current fiscal year.

About Bunge Global

Bunge Global is a leading agribusiness and food company that processes oilseeds and grains, produces sugar and bioenergy, and supplies fertilizers and other agricultural inputs. The company operates an integrated value chain that spans origination, processing, and distribution, enabling it to serve food processors, livestock producers, and retail customers worldwide. Through its network of processing plants, port terminals and logistics assets, Bunge handles a diverse portfolio of commodities, including soybeans, corn, wheat, vegetable oils, and sugarcane.

The company’s core business activities are organized into agribusiness and food & ingredients segments.