Bunge Global (NYSE:BG) Shares Gap Down on Disappointing Earnings

Bunge Global SA (NYSE:BG) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $75.02, but opened at $71.26. Bunge Global shares last traded at $71.64, with a volume of 130,061 shares.

The basic materials company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.17). Bunge Global had a return on equity of 13.71% and a net margin of 2.11%.

Analysts Set New Price Targets

Several equities research analysts have commented on BG shares. Barclays dropped their price target on Bunge Global from $95.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday. Stephens reduced their price target on Bunge Global from $110.00 to $105.00 in a report on Monday. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Bunge Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BG. Creative Planning lifted its holdings in Bunge Global by 19.1% during the 2nd quarter. Creative Planning now owns 6,906 shares of the basic materials company’s stock worth $737,000 after buying an additional 1,108 shares during the last quarter. Cetera Investment Advisers lifted its holdings in Bunge Global by 2.1% during the 2nd quarter. Cetera Investment Advisers now owns 19,101 shares of the basic materials company’s stock worth $2,039,000 after buying an additional 402 shares during the last quarter. AMF Tjanstepension AB raised its position in shares of Bunge Global by 59.3% during the 3rd quarter. AMF Tjanstepension AB now owns 106,384 shares of the basic materials company’s stock worth $10,281,000 after purchasing an additional 39,600 shares during the period. Czech National Bank raised its position in shares of Bunge Global by 6.9% during the 3rd quarter. Czech National Bank now owns 28,855 shares of the basic materials company’s stock worth $2,789,000 after purchasing an additional 1,872 shares during the period. Finally, Mather Group LLC. raised its position in shares of Bunge Global by 153.3% during the 3rd quarter. Mather Group LLC. now owns 2,135 shares of the basic materials company’s stock worth $206,000 after purchasing an additional 1,292 shares during the period. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Bunge Global Price Performance

The company has a current ratio of 2.07, a quick ratio of 1.10 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $79.74 and a two-hundred day moving average price of $90.16. The firm has a market capitalization of $9.66 billion, a price-to-earnings ratio of 8.75 and a beta of 0.69.

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.