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

Brookfield Business Partners L.P. (NYSE:BBU - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $27.08 and last traded at $26.94, with a volume of 5390 shares changing hands. The stock had previously closed at $26.17.

Analyst Ratings Changes

Several research analysts recently weighed in on BBU shares. CIBC cut their price target on shares of Brookfield Business Partners from $34.00 to $30.00 and set an "outperformer" rating on the stock in a report on Monday, April 28th. National Bankshares lowered their target price on shares of Brookfield Business Partners from $36.00 to $32.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Scotiabank raised their price objective on shares of Brookfield Business Partners from $29.00 to $31.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Royal Bank Of Canada started coverage on Brookfield Business Partners in a research report on Wednesday, June 18th. They set an "outperform" rating and a $33.00 target price for the company. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $32.00.

Brookfield Business Partners Stock Up 3.8%

The company has a market cap of $2.41 billion, a P/E ratio of -79.88 and a beta of 1.32. The stock has a 50-day moving average of $24.65 and a two-hundred day moving average of $23.34. The company has a debt-to-equity ratio of 2.97, a quick ratio of 1.21 and a current ratio of 1.48.

Brookfield Business Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, May 30th were paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Friday, May 30th. Brookfield Business Partners's payout ratio is -73.53%.

Hedge Funds Weigh In On Brookfield Business Partners

Several hedge funds and other institutional investors have recently modified their holdings of the company. BROOKFIELD Corp ON lifted its stake in Brookfield Business Partners by 72.5% in the first quarter. BROOKFIELD Corp ON now owns 44,152,007 shares of the business services provider's stock worth $1,035,806,000 after acquiring an additional 18,549,503 shares during the period. AGF Management Ltd. purchased a new position in Brookfield Business Partners in the 4th quarter worth approximately $5,111,000. Forge First Asset Management Inc. lifted its holdings in shares of Brookfield Business Partners by 48.3% during the fourth quarter. Forge First Asset Management Inc. now owns 532,964 shares of the business services provider's stock valued at $12,538,000 after purchasing an additional 173,500 shares in the last quarter. Triasima Portfolio Management inc. bought a new position in Brookfield Business Partners during the 1st quarter valued at about $3,997,000. Finally, NewGen Asset Management Ltd purchased a new stake in Brookfield Business Partners in the fourth quarter worth approximately $2,356,000. 85.04% of the stock is 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.