Brookfield Business Partners L.P. (NYSE:BBU) Stake Decreased by CIBC Asset Management Inc

CIBC Asset Management Inc trimmed its holdings in Brookfield Business Partners L.P. (NYSE:BBU) by 28.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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’s holdings in Brookfield Business Partners were worth $33,144,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Bank of Montreal Can lifted its stake in shares of Brookfield Business Partners by 3.1% in the 2nd quarter. Bank of Montreal Can now owns 767,726 shares of the business services provider’s stock worth $15,036,000 after acquiring an additional 22,886 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Brookfield Business Partners by 12.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 681,562 shares of the business services provider’s stock valued at $12,910,000 after acquiring an additional 77,017 shares during the last quarter. K2 Principal Fund L.P. lifted its stake in Brookfield Business Partners by 58.3% during the first 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 last quarter. Principal Financial Group Inc. boosted its holdings in Brookfield Business Partners by 29.9% during 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 in the last quarter. Finally, AYAL Capital Advisors Ltd grew its position in Brookfield Business Partners by 97.4% in the second quarter. AYAL Capital Advisors Ltd now owns 45,000 shares of the business services provider’s stock worth $848,000 after buying an additional 22,200 shares during the last quarter. Institutional investors own 85.04% of the company’s stock.

Analysts Set New Price Targets

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

Brookfield Business Partners Price Performance

BBU opened at $24.82 on Friday. The firm has a market capitalization of $1.84 billion, a P/E ratio of 3.06 and a beta of 1.45. The stock has a fifty day moving average of $22.86 and a 200-day moving average of $20.60. The company has a quick ratio of 0.74, a current ratio of 0.24 and a debt-to-equity ratio of 2.24. Brookfield Business Partners L.P. has a 12-month low of $15.00 and a 12-month high of $25.64.

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

Brookfield Business Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be issued a dividend of $0.063 per share. This is a boost from Brookfield Business Partners’s previous quarterly dividend of $0.06. This represents a $0.25 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Business Partners’s payout ratio is currently 3.09%.

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.