Bunge Global (NYSE:BG) Shares Up 5.9% – Here’s Why

Bunge Global SA (NYSE:BG) was up 5.9% during mid-day trading on Friday . The stock traded as high as $82.00 and last traded at $81.94. Approximately 802,575 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 1,019,991 shares. The stock had previously closed at $77.38.

Analyst Upgrades and Downgrades

Separately, Stephens raised Bunge Global to a “strong-buy” rating in a research note on Monday, December 2nd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bunge Global has an average rating of “Moderate Buy” and a consensus price target of $118.00.

Bunge Global Price Performance

The firm has a market capitalization of $11.35 billion, a P/E ratio of 10.29 and a beta of 0.70. The stock’s 50 day simple moving average is $83.71 and its 200 day simple moving average is $94.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.10 and a current ratio of 2.07.

Institutional Investors Weigh In On Bunge Global

Several hedge funds have recently made changes to their positions in BG. Principal Financial Group Inc. lifted its position in shares of Bunge Global by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 177,218 shares of the basic materials company’s stock worth $17,126,000 after purchasing an additional 4,733 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in Bunge Global by 5.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 29,983 shares of the basic materials company’s stock worth $2,898,000 after buying an additional 1,660 shares during the period. Franklin Resources Inc. boosted its position in Bunge Global by 16.9% during the 3rd quarter. Franklin Resources Inc. now owns 274,096 shares of the basic materials company’s stock valued at $26,371,000 after acquiring an additional 39,646 shares in the last quarter. Synovus Financial Corp increased its holdings in shares of Bunge Global by 16.5% in the 3rd quarter. Synovus Financial Corp now owns 5,124 shares of the basic materials company’s stock valued at $495,000 after acquiring an additional 724 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Bunge Global in the 3rd quarter worth $34,000. 86.23% of the stock is currently 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.