Allianz SE has made a strategic move by acquiring a new position in shares of Bunge Global SA (NYSE: BG) during the second quarter of 2023, as indicated by its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The investment firm purchased 5,589 shares of the agricultural and food company, valued at approximately $449,000.
Several other significant investors have also engaged with Bunge’s stock recently, reflecting a growing interest in the company. Notably, Cromwell Holdings LLC increased its stake by an impressive 4,175.0% during the same quarter. Following this acquisition, Cromwell now holds 342 shares worth around $27,000.
Ameritas Advisory Services LLC entered the market with a new stake valued at approximately $29,000. Meanwhile, Manchester Capital Management LLC expanded its position by 588.5% in the first quarter, now owning 420 shares valued at $32,000 after a purchase of 359 shares.
Hedge funds and institutional investors now control 86.23% of Bunge Global’s shares, indicating strong institutional interest in the company.
Bunge Global’s Market Performance and Analyst Ratings
On Friday, Bunge Global’s stock opened at $96.88. The firm boasts a market capitalization of $18.73 billion and maintains a price-to-earnings ratio of 9.68. The company’s price-to-earnings-growth ratio stands at 8.28, with a beta of 0.76. Over the past year, Bunge’s stock has fluctuated between a low of $67.40 and a high of $99.55. Current moving averages include a 50-day average of $87.85 and a 200-day average of $82.55.
Recent analyst evaluations have shown a positive outlook for Bunge Global. CICC Research raised their price objective from $90.00 to $110.00, while JPMorgan Chase & Co. increased its target from $107.00 to $109.00, assigning an “overweight” rating. Similarly, Barclays upgraded its rating from “equal weight” to “overweight,” increasing its price target from $105.00 to $120.00.
In total, five investment analysts have rated Bunge Global with a Buy rating, and four have issued Hold ratings, resulting in a consensus rating of “Moderate Buy” with an average price target of $102.88.
Insider Activity and Company Profile
In a notable insider transaction, Director Christopher Mahoney acquired 5,000 shares at an average price of $81.73 on August 18, 2023, totaling approximately $408,650.00. This purchase increased Mahoney’s ownership to 7,164 shares, valued at around $585,513.72. Currently, company insiders hold 0.80% of Bunge Global’s stock.
Bunge Global SA operates in the agribusiness and food sectors worldwide, functioning through four 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, including key oilseeds such as soybeans, rapeseed, canola, and sunflower seeds, along with grains like wheat and corn.
The recent investment trends and positive analyst outlook highlight a growing confidence in Bunge Global, positioning the company as a significant player in the agricultural sector. For continuous updates and insights on Bunge Global and related entities, stakeholders may refer to platforms such as MarketBeat.com for the latest stock analysis and news.
