Bunge Global (NYSE:BG) Releases Quarterly Earnings Results, Beats Expectations By $0.89 EPS

Bunge Global (NYSE:BGGet Free Report) issued its earnings results on Wednesday. The basic materials company reported $3.70 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.89, Briefing.com reports. Bunge Global had a return on equity of 18.61% and a net margin of 3.20%. The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same period in the prior year, the firm posted $3.24 EPS. The business’s revenue was down 10.3% compared to the same quarter last year. Bunge Global updated its FY24 guidance to $9.00 EPS and its FY 2024 guidance to 9.000-9.000 EPS.

Bunge Global Stock Performance

BG opened at $87.91 on Thursday. The firm has a market capitalization of $12.77 billion, a P/E ratio of 6.80 and a beta of 0.62. The stock’s 50 day moving average price is $98.08 and its two-hundred day moving average price is $105.10. The company has a quick ratio of 1.10, a current ratio of 2.02 and a debt-to-equity ratio of 0.36. Bunge Global has a 12-month low of $86.10 and a 12-month high of $116.59.

Institutional Trading of Bunge Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BG. Pinnacle Holdings LLC bought a new stake in shares of Bunge Global in the 1st quarter worth approximately $36,000. First Manhattan CO. LLC. bought a new position in shares of Bunge Global during the 1st quarter worth approximately $48,000. Jefferies Financial Group Inc. bought a new position in shares of Bunge Global during the 4th quarter worth approximately $64,000. Zions Bancorporation N.A. lifted its position in shares of Bunge Global by 1,628.3% during the 1st quarter. Zions Bancorporation N.A. now owns 795 shares of the basic materials company’s stock worth $88,000 after buying an additional 749 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Bunge Global by 75.1% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,049 shares of the basic materials company’s stock worth $100,000 after buying an additional 450 shares during the period. Institutional investors and hedge funds own 84.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wolfe Research lowered Bunge Global from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. The Goldman Sachs Group dropped their target price on Bunge Global from $160.00 to $141.00 and set a “buy” rating on the stock in a research report on Wednesday, January 24th. Citigroup assumed coverage on Bunge Global in a research report on Thursday, February 1st. They issued a “buy” rating and a $108.00 target price on the stock. Roth Mkm dropped their target price on Bunge Global from $161.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday. Finally, StockNews.com assumed coverage on Bunge Global in a research report on Wednesday, November 8th. They issued a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Bunge Global has a consensus rating of “Moderate Buy” and a consensus target price of $125.22.

Read Our Latest Research Report on Bunge Global

About Bunge Global

(Get Free Report)

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.

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Earnings History for Bunge Global (NYSE:BG)

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