Gabelli Funds LLC grew its stake in shares of Bunge Ltd (NYSE:BG) by 39.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,800 shares of the basic materials company’s stock after purchasing an additional 16,000 shares during the quarter. Gabelli Funds LLC’s holdings in Bunge were worth $3,960,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of BG. BlackRock Inc. lifted its stake in Bunge by 41.4% in the second quarter. BlackRock Inc. now owns 12,076,742 shares of the basic materials company’s stock worth $841,871,000 after acquiring an additional 3,535,679 shares during the period. Wells Fargo & Company MN lifted its stake in Bunge by 67.8% in the second quarter. Wells Fargo & Company MN now owns 1,243,966 shares of the basic materials company’s stock worth $86,718,000 after acquiring an additional 502,598 shares during the period. Marathon Asset Management LLP lifted its stake in Bunge by 6.8% in the second quarter. Marathon Asset Management LLP now owns 1,224,440 shares of the basic materials company’s stock worth $85,356,000 after acquiring an additional 77,556 shares during the period. Van ECK Associates Corp lifted its stake in Bunge by 0.8% in the first quarter. Van ECK Associates Corp now owns 894,126 shares of the basic materials company’s stock worth $66,112,000 after acquiring an additional 6,826 shares during the period. Finally, Farallon Capital Management LLC lifted its stake in Bunge by 557.1% in the first quarter. Farallon Capital Management LLC now owns 690,000 shares of the basic materials company’s stock worth $51,019,000 after acquiring an additional 585,000 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on BG. Zacks Investment Research raised shares of Bunge from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research note on Tuesday, July 24th. ValuEngine lowered shares of Bunge from a “hold” rating to a “sell” rating in a research note on Wednesday, July 11th. Citigroup lowered their price objective on shares of Bunge from $100.00 to $92.00 and set a “buy” rating for the company in a research note on Thursday, August 2nd. Credit Suisse Group lowered their price objective on shares of Bunge from $80.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, August 2nd. Finally, JPMorgan Chase & Co. lowered shares of Bunge from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $82.00 to $75.00 in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. Bunge has a consensus rating of “Buy” and a consensus target price of $81.14.
BG stock opened at $63.70 on Friday. The stock has a market cap of $8.90 billion, a price-to-earnings ratio of 32.84 and a beta of 1.12. Bunge Ltd has a one year low of $61.28 and a one year high of $83.20. The company has a quick ratio of 0.71, a current ratio of 1.49 and a debt-to-equity ratio of 0.82.
Bunge (NYSE:BG) last released its quarterly earnings results on Wednesday, August 1st. The basic materials company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.94). The business had revenue of $12.15 billion for the quarter, compared to analyst estimates of $12.03 billion. The business’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $0.17 earnings per share. analysts predict that Bunge Ltd will post 5.24 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, November 19th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Friday, November 16th. Bunge’s payout ratio is 103.09%.
Bunge Limited operates as an agribusiness and food company worldwide. It operates through five segments: Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy, and Fertilizer. 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 grain, such as wheat and corn; and vegetable oils and protein meals.
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