Bunge Global (NYSE:BG) Updates FY24 Earnings Guidance

Bunge Global (NYSE:BG) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of ~$9.25 for the period, compared to the consensus earnings per share estimate of $9.54. Bunge Global also updated its FY 2024 guidance to 9.250-9.250 EPS.

Wall Street Analysts Forecast Growth

Separately, Citigroup cut shares of Bunge Global from a buy rating to a neutral rating and reduced their price objective for the stock from $125.00 to $114.00 in a research note on Thursday. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Bunge Global has an average rating of Moderate Buy and an average price target of $120.11.

Bunge Global Price Performance

Shares of BG stock traded down $4.65 during mid-day trading on Friday, reaching $98.42. The company’s stock had a trading volume of 1,931,785 shares, compared to its average volume of 1,227,611. Bunge Global has a 1-year low of $86.10 and a 1-year high of $116.59. The company has a market cap of $13.94 billion, a P/E ratio of 7.92 and a beta of 0.67. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.10 and a current ratio of 2.03. The firm’s 50-day moving average is $107.76 and its two-hundred day moving average is $101.38.

Bunge Global (NYSE:BG) last announced its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.06). Bunge Global had a net margin of 2.33% and a return on equity of 14.84%. The business had revenue of $13.24 billion during the quarter, compared to analyst estimates of $14.30 billion. During the same quarter in the prior year, the company posted $3.72 EPS. The company’s quarterly revenue was down 12.0% compared to the same quarter last year. On average, research analysts predict that Bunge Global will post 9.4 earnings per share for the current year.

Bunge Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 4th. Shareholders of record on Tuesday, February 18th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Tuesday, February 18th. Bunge Global’s dividend payout ratio is currently 21.90%.

Insiders Place Their Bets

In other news, insider Christos Dimopoulos sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $103.26, for a total value of $2,065,200.00. Following the transaction, the insider now owns 87,999 shares of the company’s stock, valued at approximately $9,086,776.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.60% of the company’s stock.

Bunge Global Company Profile

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.