Bunge Ltd (NYSE:BG)’s share price fell 11.3% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $66.50 and last traded at $67.04, with a volume of 5,687,941 shares traded. The stock had previously closed at $75.55.
The basic materials company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.68 by $0.33. The firm had revenue of $11.12 billion during the quarter, compared to the consensus estimate of $8.96 billion. Bunge had a net margin of 1.58% and a return on equity of 10.38%. Bunge’s revenue for the quarter was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.41 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Friday, May 19th will be given a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, May 17th. This represents a $1.68 annualized dividend and a yield of 2.40%. Bunge’s dividend payout ratio is presently 37.75%.
A number of equities analysts have recently issued reports on the company. Credit Suisse Group AG set a $80.00 price objective on Bunge and gave the stock a “buy” rating in a research report on Thursday, May 4th. BMO Capital Markets restated a “buy” rating on shares of Bunge in a research report on Friday, May 5th. JPMorgan Chase & Co. upgraded Bunge from an “underweight” rating to a “neutral” rating and set a $70.00 price objective for the company in a research report on Thursday, May 4th. Stephens downgraded Bunge from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, May 3rd. Finally, Goldman Sachs Group Inc cut Bunge from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a research note on Monday, March 20th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $76.14.
In other Bunge news, CEO Soren Schroder sold 12,532 shares of the business’s stock in a transaction on Friday, March 24th. The stock was sold at an average price of $80.01, for a total value of $1,002,685.32. Following the sale, the chief executive officer now directly owns 69,140 shares in the company, valued at $5,531,891.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David Kabbes sold 593 shares of the business’s stock in a transaction on Tuesday, March 28th. The shares were sold at an average price of $79.95, for a total value of $47,410.35. Following the completion of the sale, the insider now owns 5,507 shares in the company, valued at $440,284.65. The disclosure for this sale can be found here. 1.27% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bunge by 19.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 128,149 shares of the basic materials company’s stock worth $7,590,000 after buying an additional 21,092 shares during the last quarter. Stephens Inc. AR raised its stake in Bunge by 6.2% in the third quarter. Stephens Inc. AR now owns 4,070 shares of the basic materials company’s stock worth $241,000 after buying an additional 237 shares during the last quarter. BB&T Securities LLC bought a new stake in Bunge during the third quarter worth about $383,000. BlackRock Investment Management LLC raised its stake in Bunge by 5.7% in the third quarter. BlackRock Investment Management LLC now owns 80,124 shares of the basic materials company’s stock worth $4,746,000 after buying an additional 4,321 shares during the last quarter. Finally, Americafirst Capital Management LLC bought a new stake in Bunge during the third quarter worth about $1,675,000. Institutional investors own 78.49% of the company’s stock.
The firm has a market capitalization of $9.82 billion, a price-to-earnings ratio of 18.56 and a beta of 1.04. The company has a 50-day moving average of $76.14 and a 200-day moving average of $72.91.
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Bunge Company Profile
Bunge Limited is an agribusiness and food company with integrated operations that stretch from the farm field to consumer foods. The Company operates through five segments: Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy, and Fertilizer. Its Agribusiness segment is an integrated, global business involved in the purchase, storage, transport, processing and sale of agricultural commodities and commodity products.
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