CIBC Asset Management Inc Sells 566,213 Shares of Brookfield Business Partners L.P. (NYSE:BBU)

CIBC Asset Management Inc lowered its position in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 28.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,411,901 shares of the business services provider's stock after selling 566,213 shares during the quarter. CIBC Asset Management Inc owned 1.90% of Brookfield Business Partners worth $33,144,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of BBU. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Brookfield Business Partners by 12.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 681,562 shares of the business services provider's stock worth $12,910,000 after acquiring an additional 77,017 shares in the last quarter. K2 Principal Fund L.P. boosted its position in shares of Brookfield Business Partners by 58.3% in the 1st quarter. K2 Principal Fund L.P. now owns 156,353 shares of the business services provider's stock valued at $3,455,000 after purchasing an additional 57,553 shares during the period. Principal Financial Group Inc. increased its stake in 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 in the last quarter. Bank of Montreal Can raised its holdings in Brookfield Business Partners by 3.1% during the 2nd quarter. Bank of Montreal Can now owns 767,726 shares of the business services provider's stock worth $15,036,000 after buying an additional 22,886 shares during the period. Finally, AYAL Capital Advisors Ltd lifted its stake in Brookfield Business Partners by 97.4% during the second quarter. AYAL Capital Advisors Ltd now owns 45,000 shares of the business services provider's stock valued at $848,000 after buying an additional 22,200 shares in the last quarter. 85.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada restated an "outperform" rating and set a $32.00 price target on shares of Brookfield Business Partners in a report on Monday, August 5th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $31.40.

Brookfield Business Partners Stock Down 0.3 %

Shares of BBU traded down $0.08 during trading hours on Friday, reaching $25.15. The company's stock had a trading volume of 18,766 shares, compared to its average volume of 14,101. The company has a 50 day moving average of $22.98 and a two-hundred day moving average of $20.64. The company has a quick ratio of 0.74, a current ratio of 0.24 and a debt-to-equity ratio of 2.24. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 3.10 and a beta of 1.45. Brookfield Business Partners L.P. has a 1-year low of $15.00 and a 1-year high of $25.64.

Brookfield Business Partners (NYSE:BBU - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The business services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.39. The firm had revenue of $9.23 billion for the quarter. Brookfield Business Partners had a net margin of 11.77% and a return on equity of 30.68%. During the same quarter in the prior year, the company posted $1.33 EPS. As a group, research analysts predict that Brookfield Business Partners L.P. will post 5.43 EPS for the current fiscal year.

Brookfield Business Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a dividend of $0.063 per share. This represents a $0.25 annualized dividend and a dividend yield of 1.00%. This is a positive change from Brookfield Business Partners's previous quarterly dividend of $0.06. The ex-dividend date is Friday, November 29th. Brookfield Business Partners's dividend payout ratio (DPR) is currently 3.09%.

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.