Alpine Associates Management Inc. acquired a new stake in Bunge Ltd (NYSE:BG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 229,393 shares of the basic materials company’s stock, valued at approximately $15,763,000. Alpine Associates Management Inc. owned 0.16% of Bunge as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently made changes to their positions in BG. Principal Financial Group Inc. increased its holdings in Bunge by 11.0% during the 1st quarter. Principal Financial Group Inc. now owns 95,294 shares of the basic materials company’s stock worth $7,046,000 after purchasing an additional 9,447 shares in the last quarter. Bank of Montreal Can bought a new stake in Bunge during the 2nd quarter worth approximately $7,599,000. Nisa Investment Advisors LLC bought a new stake in Bunge during the 2nd quarter worth approximately $1,884,000. Steward Partners Investment Advisory LLC increased its holdings in Bunge by 7,200.0% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,460 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 1,440 shares in the last quarter. Finally, Unigestion Holding SA bought a new stake in Bunge during the 2nd quarter worth approximately $4,097,000. 77.84% of the stock is currently owned by institutional investors.
A number of brokerages have commented on BG. Zacks Investment Research lowered Bunge from a “strong-buy” rating to a “hold” rating in a report on Friday, November 2nd. JPMorgan Chase & Co. lowered Bunge from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $82.00 to $75.00 in a report on Thursday, August 2nd. Citigroup decreased their price objective on Bunge from $100.00 to $92.00 and set a “buy” rating for the company in a report on Thursday, August 2nd. ValuEngine raised Bunge from a “sell” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, BMO Capital Markets decreased their price objective on Bunge from $87.00 to $83.00 and set an “outperform” rating for the company in a report on Thursday, November 1st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $78.40.
Bunge (NYSE:BG) last released its earnings results on Wednesday, October 31st. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.39 by $0.13. The company had revenue of $11.41 billion during the quarter, compared to analyst estimates of $11.95 billion. Bunge had a return on equity of 7.84% and a net margin of 0.59%. Bunge’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 earnings per share. Analysts anticipate that Bunge Ltd will post 4.91 earnings per share for the current fiscal year.
In other Bunge news, Director Grain Co Continental bought 155,000 shares of Bunge stock in a transaction dated Wednesday, November 7th. The stock was bought at an average cost of $63.53 per share, with a total value of $9,847,150.00. Following the completion of the acquisition, the director now directly owns 3,319,038 shares in the company, valued at approximately $210,858,484.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director L Patrick Lupo bought 3,000 shares of Bunge stock in a transaction dated Monday, November 5th. The stock was acquired at an average cost of $62.71 per share, with a total value of $188,130.00. Following the completion of the acquisition, the director now owns 46,024 shares of the company’s stock, valued at $2,886,165.04. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 333,200 shares of company stock valued at $20,357,881. 1.25% of the stock is currently owned by corporate insiders.
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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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