Bunge Global (NYSE:BG) Issues 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 Trading Down 4.5 %

Shares of Bunge Global stock traded down $4.65 during midday trading 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 quick ratio of 1.10 and a current ratio of 2.03. The company has a market cap of $13.94 billion, a PE ratio of 7.92 and a beta of 0.67. The stock has a 50 day moving average of $107.76 and a 200-day moving average of $101.38. Bunge Global has a 12 month low of $86.10 and a 12 month high of $116.59.

Bunge Global (NYSE:BG) last announced its earnings results on Wednesday, July 31st. The basic materials company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.06). The business had revenue of $13.24 billion for the quarter, compared to the consensus estimate of $14.30 billion. Bunge Global had a net margin of 2.33% and a return on equity of 14.84%. Bunge Global’s revenue was down 12.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.72 EPS. As a group, equities analysts expect that Bunge Global will post 9.4 EPS for the current fiscal year.

Bunge Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 4th. Investors of record on Tuesday, February 18th will be paid a $0.68 dividend. 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 Analysts Forecast Growth

Separately, Citigroup cut Bunge Global from a buy rating to a neutral rating and reduced their price target for the stock from $125.00 to $114.00 in a research note on Thursday. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $120.11.

Insider Transactions at Bunge Global

In other news, insider Christos Dimopoulos sold 20,000 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 87,999 shares of the company’s stock, valued at $9,086,776.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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.