Brookfield Business Partners (NYSE:BBU) Hits New 1-Year High – Here’s Why

Brookfield Business Partners L.P. (NYSE:BBU)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $35.33 and last traded at $35.24, with a volume of 38118 shares trading hands. The stock had previously closed at $32.98.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BBU. Scotiabank set a $39.00 target price on Brookfield Business Partners and gave the stock an “outperform” rating in a report on Thursday, October 2nd. Desjardins upped their target price on Brookfield Business Partners from $31.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. Royal Bank Of Canada upped their target price on Brookfield Business Partners from $35.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, September 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Brookfield Business Partners in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut Brookfield Business Partners from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Brookfield Business Partners currently has a consensus rating of “Hold” and an average price target of $35.83.

Brookfield Business Partners Trading Up 6.9%

The company has a quick ratio of 1.36, a current ratio of 1.67 and a debt-to-equity ratio of 2.90. The firm has a 50 day moving average price of $28.52 and a two-hundred day moving average price of $25.58. The company has a market cap of $3.13 billion, a price-to-earnings ratio of -271.08 and a beta of 1.38.

Brookfield Business Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Friday, August 29th were issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Friday, August 29th. Brookfield Business Partners’s dividend payout ratio is presently -192.31%.

Hedge Funds Weigh In On Brookfield Business Partners

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in shares of Brookfield Business Partners by 30,100.0% during the 2nd quarter. Bank of America Corp DE now owns 1,208 shares of the business services provider’s stock worth $31,000 after buying an additional 1,204 shares in the last quarter. Northwest & Ethical Investments L.P. bought a new position in shares of Brookfield Business Partners during the 2nd quarter worth approximately $391,000. Legal & General Group Plc bought a new position in shares of Brookfield Business Partners during the 2nd quarter worth approximately $3,373,000. JPMorgan Chase & Co. boosted its holdings in shares of Brookfield Business Partners by 636.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 36,027 shares of the business services provider’s stock worth $934,000 after buying an additional 31,135 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its holdings in shares of Brookfield Business Partners by 1.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,102,273 shares of the business services provider’s stock worth $28,344,000 after buying an additional 14,981 shares in the last quarter. 85.04% of the stock is currently owned by institutional investors.

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.