Brookfield Business Partners (NYSE:BBU) Reaches New 52-Week High - Here's Why

Shares of Brookfield Business Partners L.P. (NYSE:BBU - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $24.23 and last traded at $24.23, with a volume of 7739 shares traded. The stock had previously closed at $23.75.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued an "outperform" rating and set a $32.00 target price on shares of Brookfield Business Partners in a research note on Monday, August 5th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Brookfield Business Partners has an average rating of "Buy" and an average price target of $31.40.

Brookfield Business Partners Trading Up 2.0 %

The firm has a market capitalization of $1.80 billion, a P/E ratio of 3.80 and a beta of 1.45. The stock has a 50-day simple moving average of $21.32 and a two-hundred day simple moving average of $20.07. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 2.24.

Brookfield Business Partners (NYSE:BBU - Get Free Report) last issued its quarterly earnings data on Friday, August 2nd. The business services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.95). The business had revenue of $11.95 billion for the quarter. Brookfield Business Partners had a net margin of 7.34% and a return on equity of 21.76%. During the same quarter last year, the firm posted $0.85 earnings per share. On average, equities research analysts anticipate that Brookfield Business Partners L.P. will post 4.52 earnings per share for the current year.

Brookfield Business Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 30th were given a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, August 30th. Brookfield Business Partners's payout ratio is 3.92%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in Brookfield Business Partners during the second quarter valued at approximately $307,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Brookfield Business Partners by 1.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,726 shares of the business services provider's stock valued at $770,000 after purchasing an additional 608 shares during the last quarter. AYAL Capital Advisors Ltd boosted its position in shares of Brookfield Business Partners by 97.4% in the 2nd quarter. AYAL Capital Advisors Ltd now owns 45,000 shares of the business services provider's stock worth $848,000 after purchasing an additional 22,200 shares in the last quarter. Principal Financial Group Inc. grew its stake in Brookfield Business Partners by 35.7% during the 1st quarter. Principal Financial Group Inc. now owns 88,434 shares of the business services provider's stock worth $1,954,000 after buying an additional 23,258 shares during the last quarter. Finally, K2 Principal Fund L.P. increased its position in Brookfield Business Partners by 58.3% during 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 buying an additional 57,553 shares in the last quarter. Hedge funds and other institutional investors own 85.04% of the company's stock.

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.

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