Forge First Asset Management Inc. Sells 161,399 Shares of Brookfield Business Partners L.P. (NYSE:BBU)

Key Points

• Forge First Asset Management Inc. has sold 161,399 shares of Brookfield Business Partners, decreasing its holdings by 30.3% and now owning 371,565 shares, which represent approximately 3.7% of their investment portfolio.
• Brookfield Business Partners has announced a quarterly dividend of $0.0625 per share, which contributes to an annualized dividend yield of 1.1%.
• Several analysts have adjusted their price targets for Brookfield Business Partners, with a consensus price target now at $32.00 and mixed ratings among research analysts regarding the stock's performance.

Forge First Asset Management Inc. decreased its holdings in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 30.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 371,565 shares of the business services provider's stock after selling 161,399 shares during the quarter. Brookfield Business Partners accounts for about 3.7% of Forge First Asset Management Inc.'s investment portfolio, making the stock its 11th biggest position. Forge First Asset Management Inc. owned 0.42% of Brookfield Business Partners worth $8,731,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of 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 valued at $465,000 after buying an additional 2,078 shares during the last quarter. Gold Investment Management Ltd. grew its stake in shares of Brookfield Business Partners by 20.9% during the first quarter. Gold Investment Management Ltd. now owns 39,309 shares of the business services provider's stock valued at $921,000 after buying an additional 6,791 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of 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 valued at $987,000 after buying an additional 1,146 shares during the last quarter. K2 Principal Fund L.P. grew its stake in shares of Brookfield Business Partners by 5.8% during the fourth quarter. K2 Principal Fund L.P. now owns 52,385 shares of the business services provider's stock valued at $1,227,000 after buying an additional 2,880 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Brookfield Business Partners by 64.7% during the fourth quarter. Russell Investments Group Ltd. now owns 63,017 shares of the business services provider's stock valued at $1,485,000 after buying an additional 24,755 shares during the last quarter. Institutional investors own 85.04% of the company's stock.

Brookfield Business Partners Stock Down 1.5%

Brookfield Business Partners stock opened at $23.79 on Friday. The business has a fifty day moving average of $25.44 and a two-hundred day moving average of $23.72. The company has a quick ratio of 1.21, a current ratio of 1.48 and a debt-to-equity ratio of 2.97. The firm has a market cap of $2.11 billion, a P/E ratio of -69.98 and a beta of 1.38. Brookfield Business Partners L.P. has a twelve month low of $18.45 and a twelve month high of $27.47.

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 issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 1.1%. Brookfield Business Partners's dividend payout ratio is currently -73.53%.

Analysts Set New Price Targets

Several research analysts recently issued reports on BBU shares. Wall Street Zen cut Brookfield Business Partners from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. CIBC dropped their price objective on Brookfield Business Partners from $34.00 to $30.00 and set an "outperformer" rating on the stock in a research note on Monday, April 28th. Scotiabank increased their price objective on Brookfield Business Partners from $29.00 to $31.00 and gave the stock an "outperform" rating in a research note on Friday, July 4th. National Bankshares dropped their price objective on Brookfield Business Partners from $36.00 to $32.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Royal Bank Of Canada started coverage on Brookfield Business Partners in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $33.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $32.00.

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.

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