Brookfield Business Partners (NYSE:BBU) Reaches New 12-Month High – Here’s What Happened

Shares of Brookfield Business Partners L.P. (NYSE:BBU) reached a new 52-week high during trading on Tuesday . The stock traded as high as $29.14 and last traded at $29.14, with a volume of 111 shares changing hands. The stock had previously closed at $26.05.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada restated an “outperform” rating and set a $32.00 target price 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, Brookfield Business Partners has an average rating of “Buy” and a consensus price target of $31.40.

Brookfield Business Partners Stock Performance

The company has a market cap of $1.94 billion, a price-to-earnings ratio of 3.20 and a beta of 1.48. The stock’s fifty day simple moving average is $23.85 and its two-hundred day simple moving average is $21.12. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.95 and a current ratio of 1.17.

Brookfield Business Partners (NYSE:BBU) last announced its quarterly earnings results on Friday, November 8th. The business services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.39. Brookfield Business Partners had a net margin of 11.77% and a return on equity of 30.68%. The company had revenue of $9.23 billion for the quarter. During the same quarter last year, the business earned $1.33 EPS. Equities research analysts anticipate that Brookfield Business Partners L.P. will post 5.43 EPS for the current year.

Brookfield Business Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be issued a dividend of $0.063 per share. This is a positive change from Brookfield Business Partners’s previous quarterly dividend of $0.06. This represents a $0.25 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Business Partners’s dividend payout ratio (DPR) is currently 3.09%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BBU. Brookfield Corp ON boosted its stake in Brookfield Business Partners by 1.7% during the 3rd quarter. Brookfield Corp ON now owns 25,602,504 shares of the business services provider’s stock valued at $596,538,000 after purchasing an additional 428,511 shares during the period. Toronto Dominion Bank raised its position in shares of Brookfield Business Partners by 12,276.3% during the 3rd quarter. Toronto Dominion Bank now owns 260,769 shares of the business services provider’s stock worth $6,076,000 after buying an additional 258,662 shares in the last quarter. PCJ Investment Counsel Ltd. raised its position 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 worth $35,528,000 after buying an additional 188,743 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of 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 worth $18,145,000 after buying an additional 92,413 shares in the last quarter. Finally, Scheer Rowlett & Associates Investment Management Ltd. raised its position in shares of Brookfield Business Partners by 14.7% during the 3rd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 641,835 shares of the business services provider’s stock worth $15,047,000 after buying an additional 82,372 shares in the last quarter. 85.04% of the stock is owned by institutional investors and hedge funds.

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.