NewGen Asset Management Ltd Makes New Investment in Brookfield Business Partners L.P. (NYSE:BBU)

NewGen Asset Management Ltd bought a new position in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the business services provider's stock, valued at approximately $2,356,000. Brookfield Business Partners comprises approximately 2.1% of NewGen Asset Management Ltd's portfolio, making the stock its 17th biggest holding. NewGen Asset Management Ltd owned 0.13% of Brookfield Business Partners as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of Brookfield Business Partners by 29.9% in the 3rd quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider's stock worth $2,731,000 after purchasing an additional 26,947 shares during the last quarter. Caldwell Investment Management Ltd. acquired a new stake in Brookfield Business Partners during the fourth quarter valued at approximately $1,731,000. Russell Investments Group Ltd. lifted its holdings in Brookfield Business Partners by 64.7% during the 4th quarter. Russell Investments Group Ltd. now owns 63,017 shares of the business services provider's stock worth $1,485,000 after buying an additional 24,755 shares during the last quarter. PCJ Investment Counsel Ltd. grew its position in shares of Brookfield Business Partners by 6.6% in the 4th quarter. PCJ Investment Counsel Ltd. now owns 1,618,655 shares of the business services provider's stock worth $38,041,000 after acquiring an additional 99,763 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Brookfield Business Partners by 8.9% in the 4th quarter. Bank of New York Mellon Corp now owns 17,724 shares of the business services provider's stock worth $415,000 after acquiring an additional 1,448 shares in the last quarter. Institutional investors and hedge funds own 85.04% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BBU shares. CIBC reduced 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. National Bankshares reduced their price target 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. BMO Capital Markets boosted their price objective on shares of Brookfield Business Partners from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Friday, January 10th. Royal Bank of Canada cut their target price on shares of Brookfield Business Partners from $32.00 to $30.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Finally, Scotiabank decreased their target price on Brookfield Business Partners from $33.00 to $29.00 and set a "sector outperform" rating for the company in a research note on Thursday, April 24th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $31.00.

Brookfield Business Partners Stock Performance

Shares of NYSE:BBU traded up $0.38 during trading hours on Friday, hitting $22.27. The stock had a trading volume of 8,557 shares, compared to its average volume of 15,207. The stock's fifty day simple moving average is $22.41 and its 200 day simple moving average is $23.11. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -45.46 and a beta of 1.34. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.39 and a current ratio of 0.50. Brookfield Business Partners L.P. has a 1-year low of $16.85 and a 1-year high of $26.75.

Brookfield Business Partners (NYSE:BBU - Get Free Report) last issued its quarterly earnings data on Friday, January 31st. The business services provider reported $1.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $1.33. Brookfield Business Partners had a return on equity of 5.09% and a net margin of 2.20%. Sell-side analysts anticipate that Brookfield Business Partners L.P. will post 5.25 earnings per share for the current fiscal year.

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.