PNC Financial Services Group Inc. Decreases Stock Position in Bunge Global SA $BG

PNC Financial Services Group Inc. lowered its stake in shares of Bunge Global SA (NYSE:BG) by 13.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,182 shares of the basic materials company’s stock after selling 5,001 shares during the period. PNC Financial Services Group Inc.’s holdings in Bunge Global were worth $2,503,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. CWM LLC lifted its position in Bunge Global by 385.9% during the first quarter. CWM LLC now owns 9,300 shares of the basic materials company’s stock valued at $711,000 after buying an additional 7,386 shares in the last quarter. Signaturefd LLC raised its holdings in Bunge Global by 79.6% in the first quarter. Signaturefd LLC now owns 1,363 shares of the basic materials company’s stock valued at $104,000 after acquiring an additional 604 shares in the last quarter. Private Advisor Group LLC acquired a new position in Bunge Global in the first quarter worth about $229,000. IFP Advisors Inc grew its position in shares of Bunge Global by 30.6% in the 1st quarter. IFP Advisors Inc now owns 2,419 shares of the basic materials company’s stock worth $185,000 after acquiring an additional 567 shares in the last quarter. Finally, J.W. Cole Advisors Inc. acquired a new stake in Bunge Global during the first quarter worth about $898,000. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Bunge Global Trading Up 2.3%

Shares of Bunge Global stock opened at $96.14 on Wednesday. The company’s fifty day moving average price is $88.51 and its two-hundred day moving average price is $82.93. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.07 and a quick ratio of 1.29. The firm has a market capitalization of $18.59 billion, a PE ratio of 9.60, a price-to-earnings-growth ratio of 8.28 and a beta of 0.76. Bunge Global SA has a 52-week low of $67.40 and a 52-week high of $99.55.

Bunge Global (NYSE:BG) last released its earnings results on Wednesday, November 5th. The basic materials company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.04. The company had revenue of $22.16 billion during the quarter, compared to the consensus estimate of $22.46 billion. Bunge Global had a return on equity of 9.16% and a net margin of 2.71%.The firm’s quarterly revenue was up 71.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.29 earnings per share. On average, analysts expect that Bunge Global SA will post 7.94 EPS for the current year.

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.