Investment Management Corp of Ontario Sells 16,345 Shares of Bunge Global SA (NYSE:BG)

Investment Management Corp of Ontario cut its stake in Bunge Global SA (NYSE:BG) by 42.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,008 shares of the basic materials company’s stock after selling 16,345 shares during the period. Investment Management Corp of Ontario’s holdings in Bunge Global were worth $1,711,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Bunge Global by 3.9% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,512 shares of the basic materials company’s stock valued at $351,000 after acquiring an additional 170 shares during the period. Deseret Mutual Benefit Administrators raised its stake in Bunge Global by 25.4% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 880 shares of the basic materials company’s stock valued at $68,000 after purchasing an additional 178 shares in the last quarter. DoubleLine ETF Adviser LP raised its stake in Bunge Global by 2.4% in the fourth quarter. DoubleLine ETF Adviser LP now owns 7,913 shares of the basic materials company’s stock valued at $615,000 after purchasing an additional 183 shares in the last quarter. Allworth Financial LP raised its stake in Bunge Global by 32.3% in the fourth quarter. Allworth Financial LP now owns 794 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 194 shares in the last quarter. Finally, Abbot Financial Management Inc. raised its stake in Bunge Global by 0.9% in the fourth quarter. Abbot Financial Management Inc. now owns 22,967 shares of the basic materials company’s stock valued at $1,786,000 after purchasing an additional 205 shares in the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BG shares. Morgan Stanley lowered their price objective on Bunge Global from $90.00 to $74.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 11th. Stephens lowered their price objective on Bunge Global from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday. Bank of America lowered their price objective on Bunge Global from $105.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Barclays lowered their price objective on Bunge Global from $95.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Finally, Citigroup upped their price objective on Bunge Global from $76.00 to $77.00 and gave the company 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 given a buy rating to the company’s stock. Based on data from MarketBeat, Bunge Global presently has a consensus rating of “Hold” and a consensus price target of $81.60.

Bunge Global Stock Performance

Shares of BG stock opened at $77.40 on Monday. The business’s 50 day simple moving average is $76.05 and its 200 day simple moving average is $78.77. Bunge Global SA has a one year low of $67.40 and a one year high of $114.92. The stock has a market capitalization of $10.40 billion, a PE ratio of 9.58, a PEG ratio of 2.66 and a beta of 0.68. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.15 and a quick ratio of 1.27.

Bunge Global (NYSE:BG) last posted its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.54. The firm had revenue of $11.64 billion for the quarter, compared to analysts’ expectations of $13.18 billion. Bunge Global had a return on equity of 11.73% and a net margin of 2.14%. The company’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same period in the prior year, the business earned $3.04 EPS. As a group, research analysts forecast that Bunge Global SA will post 7.94 earnings per share 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.