Russell Investments Group Ltd. Cuts Stake in Brookfield Business Partners L.P. $BBU

Russell Investments Group Ltd. reduced its stake in Brookfield Business Partners L.P. (NYSE:BBU) by 28.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 45,389 shares of the business services provider’s stock after selling 17,628 shares during the quarter. Russell Investments Group Ltd. owned 0.05% of Brookfield Business Partners worth $1,063,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in shares of Brookfield Business Partners by 11.7% in the 1st quarter. Bank of New York Mellon Corp now owns 19,802 shares of the business services provider’s stock worth $465,000 after buying an additional 2,078 shares during the last quarter. Gold Investment Management Ltd. lifted its holdings in Brookfield Business Partners by 20.9% during the first quarter. Gold Investment Management Ltd. now owns 39,309 shares of the business services provider’s stock valued at $921,000 after purchasing an additional 6,791 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in 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 valued at $987,000 after purchasing an additional 1,146 shares during the last quarter. K2 Principal Fund L.P. lifted its holdings in Brookfield Business Partners by 5.8% during the fourth quarter. K2 Principal Fund L.P. now owns 52,385 shares of the business services provider’s stock valued at $1,227,000 after purchasing an additional 2,880 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in Brookfield Business Partners by 2.7% during the first quarter. TD Asset Management Inc now owns 154,820 shares of the business services provider’s stock valued at $3,625,000 after purchasing an additional 4,032 shares during the last quarter. 85.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Desjardins upped their price objective on shares of Brookfield Business Partners from $31.00 to $34.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. Royal Bank Of Canada upped their price objective on shares of Brookfield Business Partners from $33.00 to $35.00 and gave the company an “outperform” rating in a report on Tuesday, August 5th. Wall Street Zen downgraded shares of Brookfield Business Partners from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Scotiabank dropped their price objective on shares of Brookfield Business Partners from $31.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, August 5th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $32.50.

Brookfield Business Partners Trading Down 0.2%

Shares of BBU opened at $28.01 on Friday. The business’s 50-day moving average price is $25.83 and its 200-day moving average price is $24.26. Brookfield Business Partners L.P. has a twelve month low of $18.63 and a twelve month high of $28.28. The stock has a market cap of $2.49 billion, a PE ratio of -215.48 and a beta of 1.38. The company has a quick ratio of 1.36, a current ratio of 1.67 and a debt-to-equity ratio of 2.90.

Brookfield Business Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.0625 per share. The ex-dividend date is Friday, August 29th. This represents a $0.25 annualized dividend and a dividend yield of 0.9%. Brookfield Business Partners’s dividend payout ratio is currently -192.31%.

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.