Brookfield Business Partners L.P. (NYSE:BBU) Shares Purchased by AGF Management Ltd.

Key Points

• AGF Management Ltd. has significantly increased its stake in Brookfield Business Partners L.P. by 58.2%, owning 342,906 shares valued at $8,030,000 as of the end of the first quarter.
• Several institutional investors, including the Bank of New York Mellon Corp and Gold Investment Management Ltd., have also raised their holdings in Brookfield, reflecting strong interest from the market.
• Despite a mixed response from analysts, Brookfield Business Partners maintains a consensus rating of "Moderate Buy" with an average price target of $32.50.

AGF Management Ltd. boosted its stake in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 58.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 342,906 shares of the business services provider's stock after buying an additional 126,189 shares during the quarter. AGF Management Ltd. owned approximately 0.38% of Brookfield Business Partners worth $8,030,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Triasima Portfolio Management inc. bought a new stake in shares of Brookfield Business Partners in the 1st quarter valued at about $3,997,000. NewGen Asset Management Ltd bought a new stake in shares of Brookfield Business Partners in the 4th quarter valued at about $2,356,000. Royal Bank of Canada raised its holdings in shares of Brookfield Business Partners by 0.8% in the 4th quarter. Royal Bank of Canada now owns 7,718,131 shares of the business services provider's stock valued at $180,759,000 after purchasing an additional 64,007 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Brookfield Business Partners by 15.5% in the 4th quarter. Toronto Dominion Bank now owns 301,080 shares of the business services provider's stock valued at $7,091,000 after purchasing an additional 40,311 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Brookfield Business Partners by 64.7% in the 4th quarter. Russell Investments Group Ltd. now owns 63,017 shares of the business services provider's stock valued at $1,485,000 after purchasing an additional 24,755 shares in the last quarter. Institutional investors own 85.04% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BBU. Wall Street Zen lowered shares of Brookfield Business Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Scotiabank reduced their price target on shares of Brookfield Business Partners from $31.00 to $30.00 and set an "outperform" rating for the company in a report on Tuesday, August 5th. Desjardins lifted their price objective on shares of Brookfield Business Partners from $31.00 to $34.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Royal Bank Of Canada lifted their price objective on shares of Brookfield Business Partners from $33.00 to $35.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Finally, National Bankshares cut their price objective on shares of Brookfield Business Partners from $36.00 to $32.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $32.50.

Brookfield Business Partners Stock Performance

NYSE:BBU traded up $0.54 during trading hours on Friday, hitting $25.19. 5,844 shares of the company were exchanged, compared to its average volume of 28,291. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of -193.77 and a beta of 1.38. Brookfield Business Partners L.P. has a 52-week low of $18.63 and a 52-week high of $27.47. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.67 and a quick ratio of 1.36. The company's 50 day moving average price is $25.40 and its 200-day moving average price is $23.94.

Brookfield Business Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Business Partners's payout ratio is currently -192.31%.

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.