Brookfield Business Partners (NYSE:BBU) Shares Gap Up After Dividend Announcement

Brookfield Business Partners L.P. (NYSE:BBU) shares gapped up prior to trading on Friday following a dividend announcement from the company. The stock had previously closed at $24.15, but opened at $26.00. Brookfield Business Partners shares last traded at $23.73, with a volume of 5,175 shares.

The newly announced dividend which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 1.1%. Brookfield Business Partners’s dividend payout ratio (DPR) is currently -73.53%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BBU. National Bankshares dropped their target price 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, April 30th. Wall Street Zen downgraded shares of Brookfield Business Partners from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. CIBC dropped their price objective on shares of Brookfield Business Partners from $34.00 to $30.00 and set an “outperformer” rating for the company in a research note on Monday, April 28th. Royal Bank Of Canada initiated coverage on Brookfield Business Partners in a research note on Wednesday, June 18th. They issued an “outperform” rating and a $33.00 price target for the company. Finally, Scotiabank increased their price target on Brookfield Business Partners from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Friday, July 4th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

Brookfield Business Partners Price Performance

The company’s 50 day moving average price is $25.44 and its 200-day moving average price is $23.72. The stock has a market cap of $2.11 billion, a P/E ratio of -69.98 and a beta of 1.38. The company has a quick ratio of 1.21, a current ratio of 1.48 and a debt-to-equity ratio of 2.97.

Hedge Funds Weigh In On Brookfield Business Partners

Large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its position in Brookfield Business Partners by 2.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 41,794 shares of the business services provider’s stock worth $987,000 after purchasing an additional 1,146 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Brookfield Business Partners by 11.7% during the first quarter. Bank of New York Mellon Corp now owns 19,802 shares of the business services provider’s stock worth $465,000 after acquiring an additional 2,078 shares during the last quarter. Gold Investment Management Ltd. raised its position in shares of Brookfield Business Partners by 6.8% during the second quarter. Gold Investment Management Ltd. now owns 41,994 shares of the business services provider’s stock worth $1,092,000 after acquiring an additional 2,685 shares during the last quarter. K2 Principal Fund L.P. raised its holdings in Brookfield Business Partners by 5.8% during the 4th quarter. K2 Principal Fund L.P. now owns 52,385 shares of the business services provider’s stock worth $1,227,000 after purchasing an additional 2,880 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in Brookfield Business Partners by 2.7% during the 1st quarter. TD Asset Management Inc now owns 154,820 shares of the business services provider’s stock worth $3,625,000 after purchasing an additional 4,032 shares during the last quarter. 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.