Brookfield Business Partners (NYSE:BBU) Sets New 12-Month High - Here's Why

Key Points

• Brookfield Business Partners achieved a new 52-week high with shares reaching $34.25 during trading, indicating strong market performance with a significant volume of trade at 28,280 shares.
• Analysts have mixed ratings on the stock, with a consensus target price of $35.83, while some firms upgraded their price targets, and others downgraded their ratings, ranging from "buy" to "strong sell."
• The company announced a quarterly dividend of $0.0625 per share with a yield of 0.7%, despite a significant negative dividend payout ratio of -192.31%.

Brookfield Business Partners L.P. (NYSE:BBU - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $34.20 and last traded at $34.25, with a volume of 28280 shares traded. The stock had previously closed at $33.36.

Analyst Upgrades and Downgrades

BBU has been the subject of several research reports. Desjardins lifted their price objective on Brookfield Business Partners from $31.00 to $34.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Zacks Research cut shares of Brookfield Business Partners from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 30th. Royal Bank Of Canada upped their price target on shares of Brookfield Business Partners from $35.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, September 29th. Wall Street Zen cut shares of Brookfield Business Partners from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Scotiabank set a $39.00 price target on shares of Brookfield Business Partners and gave the stock an "outperform" rating in a research report on Thursday, October 2nd. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $35.83.

Brookfield Business Partners Trading Up 2.8%

The company has a current ratio of 1.67, a quick ratio of 1.36 and a debt-to-equity ratio of 2.90. The business's 50-day simple moving average is $27.70 and its two-hundred day simple moving average is $25.29. The company has a market capitalization of $3.04 billion, a PE ratio of -263.88 and a beta of 1.38.

Brookfield Business Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors 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 yield of 0.7%. The ex-dividend date was Friday, August 29th. Brookfield Business Partners's dividend payout ratio (DPR) is presently -192.31%.

Hedge Funds Weigh In On Brookfield Business Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BROOKFIELD Corp ON boosted its stake in Brookfield Business Partners by 72.5% in the 1st quarter. BROOKFIELD Corp ON now owns 44,152,007 shares of the business services provider's stock worth $1,035,806,000 after purchasing an additional 18,549,503 shares during the period. TD Waterhouse Canada Inc. boosted its stake in Brookfield Business Partners by 1.4% in 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 purchasing an additional 14,981 shares during the period. AGF Management Ltd. boosted its stake in Brookfield Business Partners by 58.2% in the 1st quarter. AGF Management Ltd. now owns 342,906 shares of the business services provider's stock worth $8,030,000 after purchasing an additional 126,189 shares during the period. Triasima Portfolio Management inc. acquired a new position in Brookfield Business Partners in the 1st quarter worth approximately $3,997,000. Finally, TD Asset Management Inc boosted its stake in Brookfield Business Partners by 2.7% in the 1st quarter. TD Asset Management Inc now owns 154,820 shares of the business services provider's stock worth $3,625,000 after purchasing an additional 4,032 shares during the period. Institutional investors and hedge funds own 85.04% of the company's stock.

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.

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