PNC Financial Services Group Inc. Trims Stock Position in Bunge Global SA $BG

PNC Financial Services Group Inc. lessened its stake in shares of Bunge Global SA (NYSE:BG) by 13.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,182 shares of the basic materials company’s stock after selling 5,001 shares during the period. PNC Financial Services Group Inc.’s holdings in Bunge Global were worth $2,503,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Cromwell Holdings LLC increased its holdings in Bunge Global by 4,175.0% during the 2nd quarter. Cromwell Holdings LLC now owns 342 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 334 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of Bunge Global during the 2nd quarter worth $29,000. Manchester Capital Management LLC increased its stake in shares of Bunge Global by 588.5% during the first quarter. Manchester Capital Management LLC now owns 420 shares of the basic materials company’s stock valued at $32,000 after buying an additional 359 shares during the period. SVB Wealth LLC bought a new stake in shares of Bunge Global in the 1st quarter valued at about $38,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Bunge Global by 197.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 514 shares of the basic materials company’s stock worth $39,000 after buying an additional 341 shares during the period. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Morgan Stanley set a $95.00 price target on Bunge Global in a research report on Monday, October 27th. Stephens upped their price objective on shares of Bunge Global from $85.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Bunge Global in a research report on Wednesday, October 8th. Barclays upgraded shares of Bunge Global from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $105.00 to $120.00 in a research report on Thursday, November 6th. Finally, Zacks Research raised shares of Bunge Global from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.88.

Bunge Global Stock Up 2.3%

Shares of NYSE BG opened at $96.14 on Wednesday. The business has a 50-day moving average of $88.51 and a two-hundred day moving average of $82.93. The company has a market capitalization of $18.59 billion, a price-to-earnings ratio of 9.60, a price-to-earnings-growth ratio of 8.28 and a beta of 0.76. Bunge Global SA has a 1 year low of $67.40 and a 1 year high of $99.55. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.07 and a quick ratio of 1.29.

Bunge Global (NYSE:BG) last announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.04. The firm had revenue of $22.16 billion during the quarter, compared to analysts’ expectations of $22.46 billion. Bunge Global had a net margin of 2.71% and a return on equity of 9.16%. Bunge Global’s quarterly revenue was up 71.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.29 earnings per share. On average, analysts forecast that Bunge Global SA will post 7.94 earnings per share for the current fiscal year.

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.