Allianz SE has made a notable investment in Bunge Global SA, acquiring 5,589 shares of the agribusiness company during the second quarter of 2023. The transaction, detailed in Allianz’s recent Form 13F filing with the Securities and Exchange Commission (SEC), is valued at approximately $449,000. This move reflects a growing interest in Bunge Global, which specializes in the agricultural commodities market.
A number of large investors have also recently adjusted their stakes in Bunge Global. Cromwell Holdings LLC significantly increased its position by 4,175.0%, acquiring an additional 334 shares to bring its total to 342 shares, now valued at around $27,000. Ameritas Advisory Services LLC entered the stock with a new stake valued at approximately $29,000. Other noteworthy investors include Manchester Capital Management LLC, which raised its holdings by 588.5% in the first quarter, and SVB Wealth LLC, which also initiated a position worth about $38,000.
The institutional ownership of Bunge Global is substantial, with hedge funds and other institutional investors controlling approximately 86.23% of the company’s stock. This indicates strong market confidence in Bunge’s performance.
Market Performance and Analyst Ratings
As of the latest trading session, Bunge Global’s stock opened at $96.88 and recorded a market capitalization of $18.73 billion. The company’s price-to-earnings ratio stands at 9.68, while its price-to-earnings-growth ratio is noted at 8.28. Furthermore, Bunge’s stock has a beta of 0.76, suggesting lower volatility compared to the market.
Over the past year, Bunge Global’s stock has experienced fluctuations, reaching a low of $67.40 and a high of $99.55. The company’s moving averages indicate a 50-day average of $87.85 and a 200-day average of $82.55, reflecting a positive trend in recent months.
Analysts have expressed optimism regarding Bunge’s future. Several research firms have recently upgraded their ratings and price targets. For instance, CICC Research increased its price objective for Bunge from $90.00 to $110.00. Similarly, JPMorgan Chase & Co. raised its target from $107.00 to $109.00 with an “overweight” rating. Barclays also elevated its rating from “equal weight” to “overweight,” lifting its price target from $105.00 to $120.00.
Analysts from Zacks Research upgraded Bunge from a “strong sell” to a “hold” rating, while Stephens raised its target price from $85.00 to $115.00. Currently, five investment analysts have rated Bunge Global with a Buy rating, while four maintain a Hold rating, leading to a consensus rating of “Moderate Buy” and a target price of $102.88 according to data from MarketBeat.com.
Insider Trading Activity
In addition to institutional investments, insider trading activity has also been noteworthy. On August 18, 2023, Christopher Mahoney, a director at Bunge, purchased 5,000 shares at an average price of $81.73 per share, amounting to a total transaction of $408,650.00. Following this acquisition, Mahoney’s total ownership in Bunge increased to 7,164 shares, valued at approximately $585,513.72. This transaction demonstrates confidence from company insiders in Bunge’s prospects.
Currently, 0.80% of Bunge Global’s stock is owned by company insiders, indicating a modest level of insider ownership.
Bunge Global SA operates as a key player 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 vital for purchasing, storing, and processing agricultural commodities, including major oilseeds and grains.
As Bunge Global continues to attract investment interest and benefits from positive analyst ratings, its performance in the market will be closely monitored by both investors and industry observers alike.
