Illinois Municipal Retirement Fund Cuts Stock Position in Bunge Global SA $BG

Illinois Municipal Retirement Fund cut its stake in shares of Bunge Global SA (NYSE:BG) by 40.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 80,411 shares of the basic materials company’s stock after selling 55,742 shares during the period. Illinois Municipal Retirement Fund’s holdings in Bunge Global were worth $6,455,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BG. Callan Family Office LLC acquired a new stake in Bunge Global in the 2nd quarter worth about $705,000. AE Wealth Management LLC lifted its position in shares of Bunge Global by 1,596.3% in the second quarter. AE Wealth Management LLC now owns 163,944 shares of the basic materials company’s stock valued at $13,162,000 after acquiring an additional 154,279 shares in the last quarter. Centennial Wealth Advisory LLC purchased a new position in shares of Bunge Global in the second quarter valued at approximately $449,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Bunge Global in the second quarter worth approximately $7,417,000. Finally, Inspire Investing LLC increased its position in shares of Bunge Global by 79.0% during the second quarter. Inspire Investing LLC now owns 7,355 shares of the basic materials company’s stock worth $590,000 after purchasing an additional 3,246 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Bunge Global Trading Up 1.4%

Shares of BG opened at $96.36 on Wednesday. Bunge Global SA has a 12-month low of $67.40 and a 12-month high of $99.55. The firm has a market capitalization of $18.63 billion, a P/E ratio of 9.63, a P/E/G ratio of 8.28 and a beta of 0.76. The firm has a 50-day moving average price of $87.23 and a 200 day moving average price of $82.36. 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 (NYSE:BG) last issued its earnings results on Wednesday, November 5th. The basic materials company reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.04. Bunge Global had a net margin of 2.71% and a return on equity of 9.16%. The company had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $22.46 billion. During the same period in the previous year, the firm earned $2.29 earnings per share. Bunge Global’s quarterly revenue was up 71.6% compared to the same quarter last year. Sell-side analysts forecast that Bunge Global SA will post 7.94 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. CICC Research raised their price objective on Bunge Global from $90.00 to $110.00 in a report on Friday, November 7th. Barclays raised shares of Bunge Global from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $105.00 to $120.00 in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bunge Global in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Bunge Global from a “strong sell” rating to a “hold” rating in a report on Monday, October 20th. Finally, Morgan Stanley set a $95.00 target price on Bunge Global in a report on Monday, October 27th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $102.88.

Insider Activity at Bunge Global

In other Bunge Global news, Director Christopher Mahoney acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $81.73 per share, for a total transaction of $408,650.00. Following the completion of the acquisition, the director owned 7,164 shares of the company’s stock, valued at approximately $585,513.72. The trade was a 231.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.80% of the company’s stock.

About Bunge Global

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.