Brokerages Set Brookfield Business Partners L.P. (NYSE:BBU) Price Target at $31.00

Brookfield Business Partners L.P. (NYSE:BBU) has been given an average rating of “Buy” by the five brokerages that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $31.00.

A number of research firms have issued reports on BBU. Scotiabank reduced their price target on Brookfield Business Partners from $33.00 to $29.00 and set a “sector outperform” rating on the stock in a research report on Thursday, April 24th. National Bankshares lowered their price target on shares of Brookfield Business Partners from $36.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday. Royal Bank of Canada reduced their price objective 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. BMO Capital Markets boosted their target price 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. Finally, CIBC cut their price target on Brookfield Business Partners from $34.00 to $30.00 and set an “outperformer” rating on the stock in a research note on Monday, April 28th.

Brookfield Business Partners Stock Up 2.1 %

Shares of NYSE BBU opened at $22.35 on Wednesday. Brookfield Business Partners has a 52-week low of $16.85 and a 52-week high of $26.75. The business’s 50 day moving average is $22.35 and its two-hundred day moving average is $23.10. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of -45.61 and a beta of 1.34. The company has a quick ratio of 0.39, a current ratio of 0.50 and a debt-to-equity ratio of 2.12.

Brookfield Business Partners (NYSE:BBU) last issued its quarterly earnings results on Friday, January 31st. The business services provider reported $1.47 earnings per share (EPS) for the quarter, topping 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%. Research analysts predict that Brookfield Business Partners will post 5.25 EPS for the current year.

Hedge Funds Weigh In On Brookfield Business Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Intact Investment Management Inc. increased its holdings in shares of Brookfield Business Partners by 52.6% in the fourth quarter. Intact Investment Management Inc. now owns 2,900 shares of the business services provider’s stock valued at $68,000 after purchasing an additional 1,000 shares during the period. BBR Partners LLC purchased a new position in Brookfield Business Partners in the 4th quarter valued at $241,000. Bank of New York Mellon Corp raised its position in Brookfield Business Partners by 8.9% during 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 buying an additional 1,448 shares during the last quarter. Gold Investment Management Ltd. boosted its holdings in shares of Brookfield Business Partners by 3.2% in the fourth quarter. Gold Investment Management Ltd. now owns 32,518 shares of the business services provider’s stock valued at $767,000 after acquiring an additional 1,017 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Brookfield Business Partners by 2.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 41,794 shares of the business services provider’s stock worth $987,000 after acquiring an additional 1,146 shares during the period. 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.