Brookfield Business Partners (NYSE:BBU) Trading Up 4.1% – Here’s What Happened

Brookfield Business Partners L.P. (NYSE:BBU)’s share price was up 4.1% on Tuesday . The company traded as high as $23.47 and last traded at $23.53. Approximately 12,809 shares were traded during trading, a decline of 14% from the average daily volume of 14,976 shares. The stock had previously closed at $22.60.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Brookfield Business Partners from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Royal Bank of Canada reduced their target price on shares of Brookfield Business Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Finally, Scotiabank restated an “outperform” rating on shares of Brookfield Business Partners in a report on Monday, February 3rd.

Brookfield Business Partners Stock Performance

The firm has a fifty day moving average price of $23.03 and a 200 day moving average price of $23.15. The stock has a market cap of $2.11 billion, a PE ratio of -47.41 and a beta of 1.50. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.39 and a current ratio of 0.50.

Brookfield Business Partners (NYSE:BBU) last released its earnings results on Friday, January 31st. The business services provider reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $1.33. Brookfield Business Partners had a return on equity of 5.09% and a net margin of 2.20%. Research analysts forecast that Brookfield Business Partners L.P. will post 5.25 earnings per share for the current fiscal year.

Brookfield Business Partners Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, February 28th will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, February 28th. Brookfield Business Partners’s dividend payout ratio (DPR) is -51.02%.

Hedge Funds Weigh In On Brookfield Business Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Brookfield Business Partners by 13.6% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 773,975 shares of the business services provider’s stock valued at $18,145,000 after acquiring an additional 92,413 shares during the period. Principal Financial Group Inc. grew its position in Brookfield Business Partners by 29.9% during the 3rd quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider’s stock worth $2,731,000 after purchasing an additional 26,947 shares during the period. Caldwell Investment Management Ltd. acquired a new stake in Brookfield Business Partners during the 4th quarter worth about $1,731,000. PCJ Investment Counsel Ltd. raised its stake in shares of Brookfield Business Partners by 14.2% during the 3rd quarter. PCJ Investment Counsel Ltd. now owns 1,518,892 shares of the business services provider’s stock valued at $35,528,000 after buying an additional 188,743 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Brookfield Business Partners by 8.7% in the 3rd quarter. Bank of Montreal Can now owns 834,512 shares of the business services provider’s stock valued at $20,193,000 after buying an additional 66,786 shares during the period. Institutional investors and hedge funds own 85.04% of the company’s stock.

About Brookfield Business Partners

Brookfield Business Partners L.P. is a private equity firm specializing in acquisition. The firm typically invests in business services, infrastructure services, construction, energy, and industrials sector. It prefers to take majority stake in companies. The firm seeks returns of at least 15% on its investments.