Mirae Asset Global Investments Co. Ltd. Acquires New Shares in Bunge Global SA $BG

Mirae Asset Global Investments Co. Ltd. acquired a new position in Bunge Global SA (NYSE:BG) during the third quarter, according to its most recent filing with the SEC. The firm acquired 42,111 shares of the basic materials company’s stock, valued at approximately $4,504,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in Bunge Global in the second quarter valued at $266,653,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Bunge Global by 638.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,071,356 shares of the basic materials company’s stock worth $217,777,000 after purchasing an additional 1,790,978 shares during the period. Amundi boosted its stake in shares of Bunge Global by 9.4% during the 1st quarter. Amundi now owns 1,186,039 shares of the basic materials company’s stock valued at $150,853,000 after purchasing an additional 101,942 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Bunge Global by 3,023.7% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 520,120 shares of the basic materials company’s stock valued at $54,599,000 after purchasing an additional 503,469 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of Bunge Global by 3.5% during the first quarter. Swiss National Bank now owns 397,200 shares of the basic materials company’s stock valued at $50,524,000 after buying an additional 13,500 shares during the period. Institutional investors own 86.23% of the company’s stock.

Bunge Global Price Performance

BG traded up $0.60 during trading on Friday, hitting $99.14. 2,718,243 shares of the company traded hands, compared to its average volume of 1,455,663. The company has a current ratio of 1.50, a quick ratio of 0.65 and a debt-to-equity ratio of 0.50. The company has a market cap of $19.05 billion, a PE ratio of 16.66 and a beta of 0.70. The stock’s 50-day simple moving average is $109.12 and its two-hundred day simple moving average is $116.71. Bunge Global SA has a 1 year low of $88.24 and a 1 year high of $134.87.

Bunge Global (NYSE:BG) last issued its quarterly earnings data on Thursday, October 29th. The basic materials company reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.15. The business had revenue of $23.80 billion for the quarter, compared to analysts’ expectations of $23.28 billion. Bunge Global had a return on equity of 9.34% and a net margin of 1.24%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.27 EPS. As a group, sell-side analysts anticipate that Bunge Global SA will post 9.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BG. Weiss Ratings raised Bunge Global from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, October 27th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 price target on shares of Bunge Global in a research report on Thursday, August 13th. Zacks Research downgraded Bunge Global from a “hold” rating to a “strong sell” rating in a research note on Friday, October 30th. JPMorgan Chase & Co. dropped their price target on Bunge Global from $140.00 to $139.00 and set an “overweight” rating on the stock in a research note on Monday, October 12th. Finally, UBS Group boosted their target price on shares of Bunge Global from $145.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, September 10th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Bunge Global has an average rating of “Moderate Buy” and an average price target of $132.38.

Bunge Global Profile

Bunge Global SA (NYSE: BG) is a global agribusiness and food company involved in sourcing, processing and distributing agricultural commodities. Its operations span the agricultural supply chain, connecting farmers with food, feed and fuel customers through a network of origination, storage, transportation and processing facilities.

The company processes oilseeds such as soybeans, canola and sunflower seeds into vegetable oils and protein meals used in cooking, packaged foods, animal feed and renewable fuels.