State of Michigan Retirement System Grows Stake in Bunge Global SA (NYSE:BG)

State of Michigan Retirement System boosted its stake in Bunge Global SA (NYSE:BG) by 9.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,600 shares of the basic materials company’s stock after buying an additional 3,800 shares during the quarter. State of Michigan Retirement System’s holdings in Bunge Global were worth $4,655,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BG. SlateStone Wealth LLC boosted its position in Bunge Global by 29.8% during the second quarter. SlateStone Wealth LLC now owns 17,915 shares of the basic materials company’s stock worth $1,913,000 after acquiring an additional 4,110 shares during the last quarter. Verdence Capital Advisors LLC purchased a new position in Bunge Global in the 2nd quarter worth approximately $304,000. Cypress Capital Group acquired a new position in shares of Bunge Global during the 2nd quarter worth approximately $931,000. AMG National Trust Bank purchased a new stake in shares of Bunge Global in the second quarter valued at approximately $314,000. Finally, Capital Insight Partners LLC increased its holdings in shares of Bunge Global by 2.1% in the second quarter. Capital Insight Partners LLC now owns 8,114 shares of the basic materials company’s stock valued at $866,000 after purchasing an additional 165 shares during the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Bunge Global Trading Down 0.1 %

Shares of BG stock traded down $0.10 on Tuesday, hitting $100.53. The stock had a trading volume of 46,264 shares, compared to its average volume of 1,500,717. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.03 and a quick ratio of 1.10. The firm has a market capitalization of $14.23 billion, a P/E ratio of 8.10 and a beta of 0.67. The company’s 50 day moving average price is $105.02 and its 200-day moving average price is $102.23. Bunge Global SA has a 1 year low of $86.10 and a 1 year high of $115.84.

Bunge Global (NYSE:BG) last issued its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.06). Bunge Global had a return on equity of 14.84% and a net margin of 2.33%. The company had revenue of $13.24 billion for the quarter, compared to analysts’ expectations of $14.30 billion. During the same quarter last year, the company earned $3.72 EPS. Bunge Global’s revenue for the quarter was down 12.0% compared to the same quarter last year. Analysts anticipate that Bunge Global SA will post 9.4 earnings per share for the current year.

Analyst Ratings Changes

Separately, Citigroup lowered Bunge Global from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $114.00 in a research note 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $118.00.

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.