Brookfield Business Partners L.P. (NYSE:BBU) Holdings Lessened by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. reduced its stake in Brookfield Business Partners by 19.4%, selling 313,501 shares, and now holds 1,305,154 shares, which constitutes 12.0% of its portfolio.
• The firm announced a quarterly dividend of $0.0625 per share, with a dividend yield of 1.0%, highlighting its ongoing commitment to return capital to shareholders.
• Brookfield Business Partners' stock performance shows a current price of $25.11, with a market cap of $2.23 billion and an average price target of $32.50 based on analyst ratings.

PCJ Investment Counsel Ltd. cut its stake in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 19.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,305,154 shares of the business services provider's stock after selling 313,501 shares during the period. Brookfield Business Partners comprises approximately 12.0% of PCJ Investment Counsel Ltd.'s holdings, making the stock its largest position. PCJ Investment Counsel Ltd. owned approximately 1.46% of Brookfield Business Partners worth $30,588,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BBU. TD Asset Management Inc grew its position in shares of Brookfield Business Partners by 2.7% during the 1st quarter. TD Asset Management Inc now owns 154,820 shares of the business services provider's stock valued at $3,625,000 after acquiring an additional 4,032 shares during the period. Triasima Portfolio Management inc. bought a new stake in shares of Brookfield Business Partners during the 1st quarter valued at $3,997,000. Bank of New York Mellon Corp grew its position in shares of Brookfield Business Partners by 11.7% during the 1st quarter. Bank of New York Mellon Corp now owns 19,802 shares of the business services provider's stock valued at $465,000 after acquiring an additional 2,078 shares during the period. Gold Investment Management Ltd. grew its position in shares of Brookfield Business Partners by 20.9% during the 1st quarter. Gold Investment Management Ltd. now owns 39,309 shares of the business services provider's stock valued at $921,000 after acquiring an additional 6,791 shares during the period. Finally, Toronto Dominion Bank grew its position in shares of Brookfield Business Partners by 15.5% during the 4th quarter. Toronto Dominion Bank now owns 301,080 shares of the business services provider's stock valued at $7,091,000 after acquiring an additional 40,311 shares during the period. 85.04% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Business Partners Price Performance

Shares of BBU traded down $0.32 during midday trading on Friday, hitting $24.77. 18,134 shares of the company traded hands, compared to its average volume of 30,359. The firm has a 50 day moving average of $25.45 and a 200-day moving average of $23.86. Brookfield Business Partners L.P. has a 52 week low of $18.63 and a 52 week high of $27.47. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -190.54 and a beta of 1.38. The company has a debt-to-equity ratio of 2.97, a quick ratio of 1.21 and a current ratio of 0.49.

Brookfield Business Partners Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, August 29th. Brookfield Business Partners's dividend payout ratio is -192.31%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BBU shares. Scotiabank cut their price objective on shares of Brookfield Business Partners from $31.00 to $30.00 and set an "outperform" rating for the company in a research report on Tuesday, August 5th. Royal Bank Of Canada upped their target price on shares of Brookfield Business Partners from $33.00 to $35.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. National Bankshares dropped their target price on shares of Brookfield Business Partners from $36.00 to $32.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. CIBC dropped their target price on shares of Brookfield Business Partners from $34.00 to $30.00 and set an "outperformer" rating for the company in a report on Monday, April 28th. Finally, Wall Street Zen downgraded shares of Brookfield Business Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Brookfield Business Partners has a consensus rating of "Moderate Buy" and an average price target of $32.50.

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.