DNB Asset Management AS trimmed its holdings in shares of Bunge Ltd (NYSE:BG) by 78.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,375 shares of the basic materials company’s stock after selling 242,678 shares during the quarter. DNB Asset Management AS’s holdings in Bunge were worth $3,576,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in BG. Penserra Capital Management LLC purchased a new stake in Bunge in the 4th quarter worth about $27,000. First Mercantile Trust Co. raised its position in Bunge by 44.6% in the 4th quarter. First Mercantile Trust Co. now owns 1,200 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 370 shares during the period. Oregon Public Employees Retirement Fund raised its position in Bunge by 7,122.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,805,409 shares of the basic materials company’s stock worth $71,000 after purchasing an additional 3,752,723 shares during the period. Acropolis Investment Management LLC purchased a new stake in Bunge in the 4th quarter worth about $154,000. Finally, Veritable L.P. purchased a new stake in Bunge in the 3rd quarter worth about $206,000. Hedge funds and other institutional investors own 82.45% of the company’s stock.
NYSE BG opened at $52.65 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.72 and a current ratio of 1.54. Bunge Ltd has a 52-week low of $48.89 and a 52-week high of $76.95. The company has a market cap of $7.45 billion, a PE ratio of 19.36 and a beta of 0.93.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.80%. Bunge’s dividend payout ratio is presently 73.53%.
A number of brokerages have commented on BG. Zacks Investment Research upgraded shares of Bunge from a “sell” rating to a “hold” rating in a research note on Tuesday, January 1st. Credit Suisse Group restated an “outperform” rating and issued a $77.00 target price on shares of Bunge in a research note on Tuesday, January 15th. ValuEngine downgraded shares of Bunge from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. BMO Capital Markets restated an “outperform” rating on shares of Bunge in a research note on Friday, February 22nd. Finally, Morgan Stanley dropped their target price on shares of Bunge from $84.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, February 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $73.33.
Bunge Limited operates as an agribusiness and food company worldwide. It operates in 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 grains primarily wheat and corn; and vegetable oils and protein meals.
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