Brookfield Business Partners L.P. $BBU Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp significantly reduced its holding in Brookfield Business Partners L.P. by 96.5%, now owning only 27,606 shares valued at $647,000.
• Several institutional investors, including AGF Management Ltd. and Toronto Dominion Bank, increased their stakes in Brookfield Business Partners, highlighting strong interest with 85.04% of the company's stock owned by institutional investors.
• Brookfield Business Partners announced a quarterly dividend of $0.0625 per share, representing an annualized yield of 0.9%, although its dividend payout ratio is at -192.31%.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 96.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,606 shares of the business services provider's stock after selling 764,281 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Brookfield Business Partners were worth $647,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in Brookfield Business Partners by 2.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 41,794 shares of the business services provider's stock worth $987,000 after buying an additional 1,146 shares during the period. Triasima Portfolio Management inc. purchased a new position in Brookfield Business Partners during the first quarter worth about $3,997,000. Royal Bank of Canada lifted its position in Brookfield Business Partners by 0.8% during the fourth quarter. Royal Bank of Canada now owns 7,718,131 shares of the business services provider's stock worth $180,759,000 after buying an additional 64,007 shares during the period. Bank of New York Mellon Corp lifted its position in Brookfield Business Partners by 11.7% during the first quarter. Bank of New York Mellon Corp now owns 19,802 shares of the business services provider's stock worth $465,000 after buying an additional 2,078 shares during the period. Finally, TD Asset Management Inc lifted its position in Brookfield Business Partners by 2.7% during the first quarter. TD Asset Management Inc now owns 154,820 shares of the business services provider's stock worth $3,625,000 after buying an additional 4,032 shares during the period. 85.04% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Business Partners Stock Down 4.4%

Shares of NYSE:BBU traded down $1.24 during mid-day trading on Friday, hitting $26.78. 99,708 shares of the company traded hands, compared to its average volume of 23,776. The firm has a market cap of $2.38 billion, a P/E ratio of -205.98 and a beta of 1.38. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.36 and a current ratio of 1.67. Brookfield Business Partners L.P. has a 52-week low of $18.63 and a 52-week high of $28.28. The firm's 50 day simple moving average is $25.85 and its 200 day simple moving average is $24.29.

Brookfield Business Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, August 29th. Brookfield Business Partners's dividend payout ratio (DPR) is -192.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BBU shares. Scotiabank cut their price objective on Brookfield Business Partners from $31.00 to $30.00 and set an "outperform" rating on the stock in a report on Tuesday, August 5th. Royal Bank Of Canada raised their price objective on Brookfield Business Partners from $33.00 to $35.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Desjardins raised their price objective on Brookfield Business Partners from $31.00 to $34.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Finally, Wall Street Zen downgraded Brookfield Business Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Brookfield Business Partners currently has a consensus rating of "Buy" and an average target price of $32.50.

Brookfield Business Partners 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.