Bunge Limited (NYSE:BG) Shares Sold by Gabelli Funds LLC

Posted by Defense World Staff on Jun 11th, 2023

Gabelli Funds LLC lowered its holdings in Bunge Limited (NYSE:BG – Get Rating) by 33.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,561 shares of the basic materials company’s stock after selling 15,861 shares during the period. Gabelli Funds LLC’s holdings in Bunge were worth $3,149,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BG. Accurate Wealth Management LLC purchased a new position in shares of Bunge in the fourth quarter worth approximately $26,000. Raleigh Capital Management Inc. increased its position in shares of Bunge by 200.0% in the fourth quarter. Raleigh Capital Management Inc. now owns 282 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 188 shares in the last quarter. Pinnacle Holdings LLC purchased a new position in shares of Bunge in the first quarter worth approximately $36,000. Riverview Trust Co increased its position in shares of Bunge by 73.3% in the fourth quarter. Riverview Trust Co now owns 338 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 143 shares in the last quarter. Finally, Godsey & Gibb Inc. purchased a new position in shares of Bunge in the fourth quarter worth approximately $52,000. Institutional investors and hedge funds own 82.62% of the company’s stock.

Bunge Price Performance

NYSE BG opened at $93.62 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.83 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $14.10 billion, a PE ratio of 9.19 and a beta of 0.65. The company has a 50 day moving average price of $92.57 and a two-hundred day moving average price of $95.82. Bunge Limited has a 12-month low of $80.41 and a 12-month high of $109.78.

Bunge (NYSE:BG – Get Rating) last posted its earnings results on Wednesday, May 3rd. The basic materials company reported $3.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.39 by ($0.13). Bunge had a net margin of 2.33% and a return on equity of 20.13%. The business had revenue of $15.33 billion during the quarter, compared to analyst estimates of $15.18 billion. During the same quarter last year, the firm earned $4.26 earnings per share. Bunge’s revenue was down 3.5% compared to the same quarter last year. As a group, equities analysts predict that Bunge Limited will post 11.67 earnings per share for the current fiscal year.

Bunge Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $0.6625 dividend. This represents a $2.65 dividend on an annualized basis and a dividend yield of 2.83%. This is a boost from Bunge’s previous quarterly dividend of $0.63. The ex-dividend date is Thursday, August 17th. Bunge’s payout ratio is presently 24.53%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BG. Barclays dropped their target price on shares of Bunge from $125.00 to $121.00 in a research report on Thursday, June 1st. Morgan Stanley lowered their price objective on shares of Bunge from $120.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 13th. BMO Capital Markets assumed coverage on shares of Bunge in a research report on Thursday, April 13th. They set an “outperform” rating and a $120.00 price objective on the stock. Finally, StockNews.com assumed coverage on shares of Bunge in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $121.20.

Bunge Company Profile

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Bunge Ltd. operates as a holding company. engages in the supply and transportation of agricultural commodities. It operates through the following segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment is involved in the purchase, storage, transportation, processing, and sale of agricultural commodities and commodity products.