Bunge Global (NYSE:BG) Updates FY24 Earnings Guidance

Bunge Global (NYSE:BG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of ~$9.25 for the period, compared to the consensus EPS estimate of $9.54. Bunge Global also updated its FY 2024 guidance to 9.250-9.250 EPS.

Bunge Global Stock Down 4.5 %

NYSE BG traded down $4.65 during trading hours on Friday, reaching $98.42. 1,931,785 shares of the company’s stock traded hands, compared to its average volume of 1,227,611. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.03 and a quick ratio of 1.10. The firm has a market cap of $13.94 billion, a PE ratio of 7.92 and a beta of 0.67. Bunge Global has a 52-week low of $86.10 and a 52-week high of $116.59. The firm has a 50-day simple moving average of $107.76 and a 200 day simple moving average of $101.38.

Bunge Global (NYSE:BG) last released its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.06). The company had revenue of $13.24 billion for the quarter, compared to analysts’ expectations of $14.30 billion. Bunge Global had a net margin of 2.33% and a return on equity of 14.84%. The firm’s revenue for the quarter was down 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $3.72 earnings per share. Sell-side analysts anticipate that Bunge Global will post 9.4 EPS for the current fiscal year.

Bunge Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 4th. Investors of record on Tuesday, February 18th will be paid a dividend of $0.68 per share. The ex-dividend date is Tuesday, February 18th. This represents a $2.72 annualized dividend and a yield of 2.76%. Bunge Global’s payout ratio is 21.90%.

Wall Street Analyst Weigh In

Separately, Citigroup lowered shares of Bunge Global from a buy rating to a neutral rating and decreased their price objective for the company from $125.00 to $114.00 in a report on Thursday. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Bunge Global has a consensus rating of Moderate Buy and a consensus target price of $120.11.

Insider Transactions at Bunge Global

In other news, insider Christos Dimopoulos sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $103.26, for a total transaction of $2,065,200.00. Following the completion of the sale, the insider now owns 87,999 shares in the company, valued at approximately $9,086,776.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.60% of the company’s stock.

About Bunge Global

Bunge Global SA operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. 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 grains comprising wheat and corn; and processes oilseeds into vegetable oils and protein meals.