Bank of America Forecasts Strong Price Appreciation for Bunge Global (NYSE:BG) Stock

Bunge Global (NYSE:BG) had its price objective raised by analysts at Bank of America from $95.00 to $112.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price objective points to a potential upside of 17.63% from the company’s previous close.

A number of other brokerages have also commented on BG. Citigroup reissued a “buy” rating on shares of Bunge Global in a report on Tuesday. Weiss Ratings reissued a “hold (c)” rating on shares of Bunge Global in a research note on Wednesday, October 8th. BMO Capital Markets raised their price target on Bunge Global from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Barclays upgraded 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 report on Thursday, November 6th. Finally, Morgan Stanley set a $95.00 price objective on Bunge Global in a research report on Monday, October 27th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Bunge Global Price Performance

Bunge Global stock opened at $95.21 on Tuesday. The business has a 50-day simple moving average of $91.75 and a 200 day simple moving average of $84.13. Bunge Global has a 52 week low of $67.40 and a 52 week high of $99.55. The stock has a market cap of $18.41 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 8.21 and a beta of 0.79. The company has a quick ratio of 0.83, a current ratio of 1.66 and a debt-to-equity ratio of 0.57.

Bunge Global (NYSE:BG) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $2.27 earnings per share (EPS) 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 the consensus estimate of $22.46 billion. Bunge Global had a return on equity of 9.06% and a net margin of 2.20%.The company’s revenue for the quarter was up 71.6% on a year-over-year basis. During the same quarter last year, the company posted $2.29 EPS. On average, research analysts forecast that Bunge Global will post 7.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Christos Dimopoulos sold 25,300 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $94.37, for a total transaction of $2,387,561.00. Following the completion of the transaction, the vice president owned 104,537 shares in the company, valued at $9,865,156.69. This represents a 19.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BG. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Bunge Global during the 3rd quarter valued at about $25,000. CoreCap Advisors LLC boosted its holdings in Bunge Global by 2,000.0% in the third quarter. CoreCap Advisors LLC now owns 315 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 300 shares during the last quarter. Cromwell Holdings LLC grew its position in Bunge Global by 4,175.0% in 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. Root Financial Partners LLC bought a new stake in Bunge Global in the 3rd quarter worth approximately $28,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Bunge Global during the 2nd quarter valued at $29,000. 86.23% of the stock is owned by hedge funds and other institutional investors.

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.