Brookfield Business Partners (NYSE:BBU) Shares Gap Down on Analyst Downgrade

Shares of Brookfield Business Partners L.P. (NYSE:BBU) gapped down before the market opened on Monday after Royal Bank of Canada lowered their price target on the stock from $32.00 to $31.00. The stock had previously closed at $18.89, but opened at $18.48. Royal Bank of Canada currently has an outperform rating on the stock. Brookfield Business Partners shares last traded at $18.87, with a volume of 725 shares traded.

A number of other research firms have also recently weighed in on BBU. BMO Capital Markets increased their price objective on shares of Brookfield Business Partners from $30.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday. Desjardins lifted their price objective on Brookfield Business Partners from $31.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, February 5th. National Bankshares increased their target price on Brookfield Business Partners from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. TheStreet lowered shares of Brookfield Business Partners from a “c” rating to a “d+” rating in a research note on Wednesday, March 13th. Finally, Scotiabank raised their price objective on shares of Brookfield Business Partners from $26.50 to $28.00 and gave the company a “sector outperform” rating in a research note on Monday, February 5th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $30.33.

Hedge Funds Weigh In On Brookfield Business Partners

A number of institutional investors and hedge funds have recently made changes to their positions in BBU. TD Asset Management Inc raised its holdings in Brookfield Business Partners by 4.1% in the fourth quarter. TD Asset Management Inc now owns 160,426 shares of the business services provider’s stock valued at $3,328,000 after acquiring an additional 6,290 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Brookfield Business Partners by 4.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 166,300 shares of the business services provider’s stock valued at $2,525,000 after purchasing an additional 6,700 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Brookfield Business Partners by 13.6% in the 4th quarter. National Bank of Canada FI now owns 98,001 shares of the business services provider’s stock valued at $1,957,000 after purchasing an additional 11,718 shares in the last quarter. Scotia Capital Inc. lifted its position in shares of Brookfield Business Partners by 19.3% during the 3rd quarter. Scotia Capital Inc. now owns 81,371 shares of the business services provider’s stock worth $1,229,000 after purchasing an additional 13,155 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Brookfield Business Partners by 44.1% during the fourth quarter. Russell Investments Group Ltd. now owns 50,102 shares of the business services provider’s stock worth $1,039,000 after purchasing an additional 15,344 shares in the last quarter. 85.04% of the stock is owned by institutional investors and hedge funds.

Brookfield Business Partners Stock Down 0.3 %

The company has a quick ratio of 0.78, a current ratio of 1.04 and a debt-to-equity ratio of 2.22. The stock has a market cap of $1.41 billion, a PE ratio of 2.97 and a beta of 1.44. The firm has a fifty day moving average of $20.55 and a 200 day moving average of $19.35.

Brookfield Business Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a dividend of $0.0625 per share. The ex-dividend date is Friday, May 31st. This represents a $0.25 annualized dividend and a dividend yield of 1.32%. Brookfield Business Partners’s dividend payout ratio is currently 3.92%.

Brookfield Business Partners Company Profile

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.