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

Brookfield Business Partners L.P. (NYSE:BBU)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $24.20 and last traded at $24.20, with a volume of 472 shares trading hands. The stock had previously closed at $23.79.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Brookfield Business Partners in a research note on Monday, August 5th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Brookfield Business Partners currently has a consensus rating of “Buy” and an average price target of $31.40.

Brookfield Business Partners Stock Down 0.2 %

The stock has a market cap of $1.76 billion, a P/E ratio of 3.72 and a beta of 1.45. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 2.24. The company has a 50-day simple moving average of $20.95 and a two-hundred day simple moving average of $20.04.

Brookfield Business Partners (NYSE:BBU) last released its quarterly earnings data on Friday, August 2nd. The business services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.95). The firm had revenue of $11.95 billion during the quarter. Brookfield Business Partners had a net margin of 7.34% and a return on equity of 21.76%. During the same quarter last year, the firm earned $0.85 EPS. On average, equities analysts forecast that Brookfield Business Partners L.P. will post 4.52 EPS for the current year.

Brookfield Business Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 30th were given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Friday, August 30th. Brookfield Business Partners’s payout ratio is currently 3.92%.

Institutional Trading of Brookfield Business Partners

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp purchased a new position in Brookfield Business Partners during the second quarter valued at $307,000. The Manufacturers Life Insurance Company lifted its position in Brookfield Business Partners by 1.5% during the 2nd 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 during the period. AYAL Capital Advisors Ltd lifted its position in Brookfield Business Partners by 97.4% during the 2nd 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 period. Triasima Portfolio Management inc. bought a new stake in Brookfield Business Partners during the first quarter worth about $1,405,000. Finally, Principal Financial Group Inc. grew its holdings in Brookfield Business Partners by 2.0% in the second quarter. Principal Financial Group Inc. now owns 90,242 shares of the business services provider’s stock worth $1,701,000 after purchasing an additional 1,808 shares during the period. 85.04% of the stock is currently owned by hedge funds and other institutional investors.

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.