CIBC Asset Management Inc Reduces Position in Brookfield Business Partners L.P. (NYSE:BBU)

CIBC Asset Management Inc lessened its stake in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 27.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,024,303 shares of the business services provider's stock after selling 387,598 shares during the quarter. CIBC Asset Management Inc owned approximately 1.38% of Brookfield Business Partners worth $24,136,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in BBU. Caldwell Investment Management Ltd. bought a new stake in shares of Brookfield Business Partners in the fourth quarter worth about $1,731,000. Principal Financial Group Inc. lifted its holdings in Brookfield Business Partners by 29.9% in the third quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider's stock worth $2,731,000 after buying an additional 26,947 shares during the period. Toronto Dominion Bank lifted its holdings in Brookfield Business Partners by 12,276.3% in the third quarter. Toronto Dominion Bank now owns 260,769 shares of the business services provider's stock worth $6,076,000 after buying an additional 258,662 shares during the period. National Bank of Canada FI boosted its position in Brookfield Business Partners by 20.6% during the 3rd quarter. National Bank of Canada FI now owns 97,584 shares of the business services provider's stock valued at $2,274,000 after acquiring an additional 16,684 shares in the last quarter. Finally, Brookfield Corp ON grew its holdings in shares of Brookfield Business Partners by 1.7% during the 3rd quarter. Brookfield Corp ON now owns 25,602,504 shares of the business services provider's stock worth $596,538,000 after acquiring an additional 428,511 shares during the period. Institutional investors own 85.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BBU. Scotiabank upped their price target on Brookfield Business Partners from $32.00 to $33.00 and gave the stock a "sector outperform" rating in a research note on Monday, February 3rd. Royal Bank of Canada dropped 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, BMO Capital Markets increased their price target on shares of Brookfield Business Partners from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday, January 10th. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Brookfield Business Partners presently has a consensus rating of "Buy" and a consensus target price of $32.33.

Brookfield Business Partners Stock Down 2.5 %

Shares of Brookfield Business Partners stock traded down $0.65 on Friday, reaching $24.73. The company's stock had a trading volume of 12,145 shares, compared to its average volume of 17,854. Brookfield Business Partners L.P. has a 52 week low of $16.85 and a 52 week high of $26.75. The firm's fifty day simple moving average is $22.78 and its two-hundred day simple moving average is $22.68. The company has a quick ratio of 0.39, a current ratio of 0.50 and a debt-to-equity ratio of 2.12. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -50.46 and a beta of 1.50.

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

Brookfield Business Partners Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, February 28th will be issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Friday, February 28th. Brookfield Business Partners's dividend payout ratio is currently -51.02%.

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.