Brookfield Business Partners L.P. (NYSE:BBU) Short Interest Up 7.4% in October

Brookfield Business Partners L.P. (NYSE:BBU) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 50,800 shares, a growth of 7.4% from the October 15th total of 47,300 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average trading volume of 14,000 shares, the days-to-cover ratio is currently 3.6 days.

Brookfield Business Partners Price Performance

Shares of NYSE:BBU traded down $0.05 on Tuesday, reaching $24.36. 2,937 shares of the company traded hands, compared to its average volume of 14,073. Brookfield Business Partners has a fifty-two week low of $15.00 and a fifty-two week high of $25.64. The stock has a market capitalization of $1.81 billion, a PE ratio of 3.01 and a beta of 1.45. The company has a debt-to-equity ratio of 2.12, a current ratio of 1.17 and a quick ratio of 0.95. The company’s 50 day moving average is $22.98 and its 200-day moving average is $20.66.

Brookfield Business Partners (NYSE:BBU) last issued its quarterly earnings results on Friday, November 8th. The business services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.39. Brookfield Business Partners had a return on equity of 30.68% and a net margin of 11.77%. The firm had revenue of $9.23 billion for the quarter. During the same period in the prior year, the business posted $1.33 EPS. As a group, analysts anticipate that Brookfield Business Partners will post 5.43 earnings per share for the current fiscal year.

Brookfield Business Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a $0.063 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 1.03%. This is a positive change from Brookfield Business Partners’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Business Partners’s dividend payout ratio is 3.09%.

Hedge Funds Weigh In On Brookfield Business Partners

Institutional investors and hedge funds have recently modified their holdings of the stock. Intact Investment Management Inc. purchased a new position in Brookfield Business Partners in the third quarter valued at about $45,000. Bank of New York Mellon Corp acquired a new stake in shares of Brookfield Business Partners during the 2nd quarter valued at about $307,000. Gold Investment Management Ltd. grew its stake in shares of Brookfield Business Partners by 7.4% in the 3rd quarter. Gold Investment Management Ltd. now owns 31,501 shares of the business services provider’s stock valued at $739,000 after buying an additional 2,169 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Brookfield Business Partners by 1.5% during the second quarter. The Manufacturers Life Insurance Company now owns 40,726 shares of the business services provider’s stock valued at $770,000 after acquiring an additional 608 shares in the last quarter. Finally, AYAL Capital Advisors Ltd lifted its stake in Brookfield Business Partners by 97.4% in the second quarter. AYAL Capital Advisors Ltd now owns 45,000 shares of the business services provider’s stock valued at $848,000 after acquiring an additional 22,200 shares during the last quarter. 85.04% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reiterated an “outperform” rating and set a $32.00 price target on shares of Brookfield Business Partners in a research report on Monday, August 5th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $31.40.

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.