Brookfield Business Partners (NYSE:BBU) Hits New 52-Week High After Dividend Announcement

Shares of Brookfield Business Partners L.P. (NYSE:BBU) hit a new 52-week high on Friday after the company announced a dividend. The company traded as high as $25.64 and last traded at $25.64, with a volume of 10047 shares traded. The stock had previously closed at $24.52.

The newly announced dividend which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be given a dividend of $0.063 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 1.01%. This is a boost from Brookfield Business Partners’s previous quarterly dividend of $0.06. Brookfield Business Partners’s dividend payout ratio (DPR) is presently 3.84%.

Analyst Upgrades and Downgrades

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

Brookfield Business Partners Stock Performance

The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 3.84 and a beta of 1.45. The firm has a 50 day moving average price of $22.48 and a 200-day moving average price of $20.45. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.00 and a quick ratio of 0.74.

Hedge Funds Weigh In On Brookfield Business Partners

A number of institutional investors and hedge funds have recently made changes to their positions in BBU. Scheer Rowlett & Associates Investment Management Ltd. lifted its position in shares of Brookfield Business Partners by 14.7% during the 3rd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 641,835 shares of the business services provider’s stock worth $15,047,000 after purchasing an additional 82,372 shares during the last quarter. PCJ Investment Counsel Ltd. raised its stake in Brookfield Business Partners by 14.2% in the third quarter. PCJ Investment Counsel Ltd. now owns 1,518,892 shares of the business services provider’s stock valued at $35,528,000 after buying an additional 188,743 shares in the last quarter. Gold Investment Management Ltd. lifted its holdings in Brookfield Business Partners by 7.4% during the 3rd quarter. Gold Investment Management Ltd. now owns 31,501 shares of the business services provider’s stock worth $739,000 after buying an additional 2,169 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Brookfield Business Partners by 29.9% during the 3rd quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider’s stock worth $2,731,000 after acquiring an additional 26,947 shares in the last quarter. Finally, Intact Investment Management Inc. purchased a new position in shares of Brookfield Business Partners in the 3rd quarter valued at about $45,000. 85.04% of the stock is owned by institutional investors and hedge funds.

Brookfield Business Partners Company 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.