Russell Investments Group Ltd. Reduces Stock Holdings in Brookfield Business Partners L.P. $BBU

Key Points

• Russell Investments Group Ltd. reduced its stake in Brookfield Business Partners by 28.0% and owns 0.05% of the company worth approximately $1,063,000 after selling 17,628 shares in the first quarter.
• Several other institutional investors, including Bank of New York Mellon Corp and Gold Investment Management Ltd., have increased their holdings in Brookfield Business Partners, indicating positive sentiment among investors.
• The company announced a quarterly dividend of $0.0625 per share, with a payout ratio currently at -192.31%, highlighting potential concerns about its ability to sustain dividend payments.

Russell Investments Group Ltd. trimmed its position in Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 28.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 45,389 shares of the business services provider's stock after selling 17,628 shares during the period. Russell Investments Group Ltd. owned 0.05% of Brookfield Business Partners worth $1,063,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of BBU. The Manufacturers Life Insurance Company raised its position in Brookfield Business Partners by 2.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 41,794 shares of the business services provider's stock worth $987,000 after purchasing an additional 1,146 shares during the last quarter. K2 Principal Fund L.P. raised its position in Brookfield Business Partners by 5.8% during the 4th quarter. K2 Principal Fund L.P. now owns 52,385 shares of the business services provider's stock worth $1,227,000 after purchasing an additional 2,880 shares during the last quarter. Royal Bank of Canada raised its position in Brookfield Business Partners by 0.8% during the 4th quarter. Royal Bank of Canada now owns 7,718,131 shares of the business services provider's stock worth $180,759,000 after purchasing an additional 64,007 shares during the last quarter. Toronto Dominion Bank raised its position in 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 worth $7,091,000 after purchasing an additional 40,311 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Brookfield Business Partners by 2.3% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 791,887 shares of the business services provider's stock worth $18,651,000 after purchasing an additional 17,912 shares during the last quarter. 85.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BBU has been the subject of several analyst reports. Desjardins raised their target price on 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 increased their price target on Brookfield Business Partners from $33.00 to $35.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Scotiabank decreased their price target on Brookfield Business Partners from $31.00 to $30.00 and set an "outperform" rating for the company 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 investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $32.50.

Brookfield Business Partners Stock Down 2.2%

BBU stock traded down $0.59 during mid-day trading on Wednesday, reaching $26.68. 30,114 shares of the company traded hands, compared to its average volume of 26,715. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -205.23 and a beta of 1.34. The company has a quick ratio of 1.36, a current ratio of 1.67 and a debt-to-equity ratio of 2.90. Brookfield Business Partners L.P. has a fifty-two week low of $18.63 and a fifty-two week high of $28.28. The firm's 50 day moving average price is $25.91 and its 200 day moving average price is $24.33.

Brookfield Business Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid 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 is Friday, August 29th. Brookfield Business Partners's payout ratio is presently -192.31%.

Brookfield Business Partners Company 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.