Short Interest in Bunge Global SA (NYSE:BG) Drops By 24.7%

Bunge Global SA (NYSE:BG) was the recipient of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 3,910,000 shares, a drop of 24.7% from the February 13th total of 5,190,000 shares. Currently, 3.0% of the company’s shares are sold short. Based on an average trading volume of 1,670,000 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Bank of America lowered their price objective on shares of Bunge Global from $105.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Barclays decreased their price objective on shares of Bunge Global from $95.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Morgan Stanley reduced their price target on shares of Bunge Global from $90.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 11th. Finally, Stephens lowered their price objective on Bunge Global from $110.00 to $105.00 in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bunge Global currently has a consensus rating of “Moderate Buy” and an average target price of $93.00.

Bunge Global Stock Performance

Shares of Bunge Global stock traded up $0.16 on Tuesday, reaching $74.71. The stock had a trading volume of 1,070,704 shares, compared to its average volume of 1,461,909. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.27 and a current ratio of 2.15. Bunge Global has a fifty-two week low of $67.40 and a fifty-two week high of $114.92. The business’s 50-day moving average price is $74.71 and its two-hundred day moving average price is $84.25. The stock has a market cap of $10.01 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 2.66 and a beta of 0.67.

Bunge Global (NYSE:BG) last announced its quarterly earnings results on Wednesday, February 5th. The basic materials company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.17). Bunge Global had a return on equity of 11.73% and a net margin of 2.14%. On average, sell-side analysts forecast that Bunge Global will post 7.94 EPS for the current year.

Institutional Investors Weigh In On Bunge Global

A number of hedge funds and other institutional investors have recently made changes to their positions in BG. Caprock Group LLC raised its holdings in shares of Bunge Global by 2.2% in the 3rd quarter. Caprock Group LLC now owns 7,472 shares of the basic materials company’s stock valued at $722,000 after purchasing an additional 164 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Bunge Global by 3.9% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,512 shares of the basic materials company’s stock worth $351,000 after acquiring an additional 170 shares during the period. Deseret Mutual Benefit Administrators increased its stake in shares of Bunge Global by 25.4% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 880 shares of the basic materials company’s stock valued at $68,000 after purchasing an additional 178 shares during the last quarter. DoubleLine ETF Adviser LP grew its holdings in shares of Bunge Global by 2.4% during the 4th quarter. DoubleLine ETF Adviser LP now owns 7,913 shares of the basic materials company’s stock valued at $615,000 after purchasing an additional 183 shares during the last quarter. Finally, Patton Albertson Miller Group LLC increased its holdings in shares of Bunge Global by 0.3% during the third quarter. Patton Albertson Miller Group LLC now owns 56,444 shares of the basic materials company’s stock worth $5,455,000 after buying an additional 188 shares in the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

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.