76,533 Shares in Brookfield Business Corp $BBUC Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 76,533 shares of Brookfield Business Corp. during the second quarter, valued at approximately $2.28 million. Institutional investors collectively own 85.04% of BBUC’s outstanding shares.
• BBUC shares opened at $26.40, near the company’s 12-month low of $26.00 and below its 50-day and 200-day moving averages. The company reported quarterly EPS of $0.18 on $6.50 billion in revenue.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $39.20. Brookfield Business also declared a quarterly dividend of $0.0625 per share, representing a 0.9% annualized yield.

The Manufacturers Life Insurance Company purchased a new stake in Brookfield Business Corp (NYSE:BBUC - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 76,533 shares of the company's stock, valued at approximately $2,283,000.

Other hedge funds also recently added to or reduced their stakes in the company. Jump Financial LLC acquired a new stake in Brookfield Business during the fourth quarter worth approximately $240,000. Franklin Resources Inc. boosted its holdings in shares of Brookfield Business by 7.1% in the 4th quarter. Franklin Resources Inc. now owns 7,302 shares of the company's stock valued at $262,000 after buying an additional 482 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Brookfield Business in the 4th quarter valued at $280,000. Susquehanna Advisors Group Inc. purchased a new position in shares of Brookfield Business in the 4th quarter valued at $298,000. Finally, Handelsbanken Fonder AB purchased a new position in shares of Brookfield Business in the 4th quarter valued at $323,000. 85.04% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Business Stock Performance

Shares of BBUC opened at $26.40 on Monday. The company's 50 day simple moving average is $29.38 and its 200-day simple moving average is $31.63. The firm has a market cap of $5.46 billion, a PE ratio of -67.69 and a beta of 1.25. Brookfield Business Corp has a 12-month low of $26.00 and a 12-month high of $38.25. The company has a current ratio of 1.44, a quick ratio of 1.22 and a debt-to-equity ratio of 2.92.

Brookfield Business (NYSE:BBUC - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $0.18 EPS for the quarter. The firm had revenue of $6.50 billion during the quarter. Brookfield Business had a net margin of 1.13% and a return on equity of 2.05%. As a group, equities analysts predict that Brookfield Business Corp will post 5.31 EPS for the current year.

Brookfield Business Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, August 31st. Brookfield Business's dividend payout ratio is presently -64.10%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Scotiabank set a $40.50 price target on shares of Brookfield Business in a research report on Friday, July 24th. TD Cowen dropped their price objective on Brookfield Business from $34.00 to $32.00 and set a "hold" rating on the stock in a report on Tuesday, August 4th. Weiss Ratings reiterated a "sell (d)" rating on shares of Brookfield Business in a research report on Wednesday, August 5th. Finally, Wall Street Zen cut Brookfield Business from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $39.20.

Brookfield Business Profile

Brookfield Business Corporation NYSE: BBUC is a publicly traded holding company affiliated with Brookfield Asset Management. It owns and operates a diversified portfolio of businesses with a focus on essential services and industries that may benefit from long-term demand and operational improvement.

The company's principal activities span business services, infrastructure services and industrial operations. Its investments have included healthcare services, residential mortgage insurance, construction and infrastructure-related services, and other industrial and service businesses.

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