Bunge Global (NYSE:BG) Shares Gap Down After Earnings Miss

Bunge Global SA (NYSE:BG)’s share price 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 analysts’ consensus estimates of $2.30 by ($0.17). Bunge Global had a return on equity of 13.71% and a net margin of 2.11%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BG. Barclays lowered Bunge Global from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $115.00 to $95.00 in a research note on Tuesday, January 21st. Stephens lowered their target price on Bunge Global from $110.00 to $105.00 in a research note on Monday. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bunge Global presently has an average rating of “Moderate Buy” and an average price target of $114.71.

Hedge Funds Weigh In On Bunge Global

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning raised its holdings in shares of Bunge Global by 19.1% during the second quarter. Creative Planning now owns 6,906 shares of the basic materials company’s stock valued at $737,000 after buying an additional 1,108 shares during the last quarter. Cetera Investment Advisers raised its holdings in Bunge Global by 2.1% during the second quarter. Cetera Investment Advisers now owns 19,101 shares of the basic materials company’s stock worth $2,039,000 after purchasing an additional 402 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Bunge Global during the second quarter worth approximately $2,668,000. AMF Tjanstepension AB raised its holdings in Bunge Global by 59.3% during the third 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 in the last quarter. Finally, Czech National Bank grew its position in Bunge Global by 6.9% in the third quarter. Czech National Bank now owns 28,855 shares of the basic materials company’s stock worth $2,789,000 after buying an additional 1,872 shares during the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Bunge Global Stock Performance

The company has a quick ratio of 1.10, a current ratio of 2.07 and a debt-to-equity ratio of 0.43. The stock has a market cap of $9.93 billion, a price-to-earnings ratio of 9.07 and a beta of 0.69. The company’s 50-day simple moving average is $80.51 and its 200-day simple moving average is $90.45.

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.