Bunge Global (NYSE:BG) Issues Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Bunge Global (NYSE:BG) posted its quarterly earnings results on Wednesday. The basic materials company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.18 by $0.11, reports. The firm had revenue of $12.91 billion during the quarter, compared to analysts’ expectations of $12.68 billion. Bunge Global had a return on equity of 13.71% and a net margin of 2.11%. Bunge Global updated its FY 2024 guidance to 9.250- EPS and its FY24 guidance to at least $9.25 EPS.

Bunge Global Price Performance

Shares of BG stock opened at $84.02 on Friday. The company has a quick ratio of 0.97, a current ratio of 2.07 and a debt-to-equity ratio of 0.43. Bunge Global has a 12 month low of $83.84 and a 12 month high of $114.92. The firm has a market cap of $11.90 billion, a price-to-earnings ratio of 10.64 and a beta of 0.64. The stock has a 50-day moving average price of $96.23 and a 200 day moving average price of $101.95.

Analyst Upgrades and Downgrades

Separately, Citigroup lowered shares of Bunge Global from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $125.00 to $114.00 in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $118.00.

Institutional Investors Weigh In On Bunge Global

A number of institutional investors and hedge funds have recently modified their holdings of the business. Altshuler Shaham Ltd bought a new stake in shares of Bunge Global in the 2nd quarter valued at about $28,000. Blue Trust Inc. raised its holdings in Bunge Global by 52.3% in the second quarter. Blue Trust Inc. now owns 297 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 102 shares during the period. Farmers & Merchants Investments Inc. boosted its position in shares of Bunge Global by 185.2% during the second quarter. Farmers & Merchants Investments Inc. now owns 308 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 200 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Bunge Global in the 2nd quarter valued at $40,000. Finally, Atlas Capital Advisors LLC increased its position in shares of Bunge Global by 261.3% in the 2nd quarter. Atlas Capital Advisors LLC now owns 383 shares of the basic materials company’s stock valued at $41,000 after buying an additional 277 shares in the last quarter. 86.23% of the stock is owned by institutional investors.

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.