Tandem Capital Management Corp ADV Sells 500 Shares of Brookfield Business Partners L.P. (NYSE:BBU)

Tandem Capital Management Corp ADV trimmed its stake in shares of Brookfield Business Partners L.P. (NYSE:BBU) by 1.7% in the first quarter, HoldingsChannel reports. The firm owned 29,670 shares of the business services provider’s stock after selling 500 shares during the quarter. Tandem Capital Management Corp ADV’s holdings in Brookfield Business Partners were worth $696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBU. Intact Investment Management Inc. boosted its position in Brookfield Business Partners by 52.6% during the fourth quarter. Intact Investment Management Inc. now owns 2,900 shares of the business services provider’s stock worth $68,000 after purchasing an additional 1,000 shares during the period. BBR Partners LLC bought a new position in Brookfield Business Partners during the fourth quarter worth $241,000. Bank of New York Mellon Corp boosted its position in Brookfield Business Partners by 8.9% during the fourth quarter. Bank of New York Mellon Corp now owns 17,724 shares of the business services provider’s stock worth $415,000 after purchasing an additional 1,448 shares during the period. Gold Investment Management Ltd. boosted its position in Brookfield Business Partners by 3.2% during the fourth quarter. Gold Investment Management Ltd. now owns 32,518 shares of the business services provider’s stock worth $767,000 after purchasing an additional 1,017 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position 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 worth $987,000 after purchasing an additional 1,146 shares during the period. 85.04% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Royal Bank Of Canada assumed coverage on shares of Brookfield Business Partners in a research report on Wednesday. They set an “outperform” rating and a $33.00 price objective for the company. Scotiabank dropped their target price on Brookfield Business Partners from $33.00 to $29.00 and set a “sector outperform” rating for the company in a report on Thursday, April 24th. National Bankshares dropped their target price on Brookfield Business Partners from $36.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, CIBC dropped their target price on Brookfield Business Partners from $34.00 to $30.00 and set an “outperformer” rating for the company in a report on Monday, April 28th. Four research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $31.60.

Brookfield Business Partners Stock Up 1.3%

BBU opened at $25.59 on Friday. Brookfield Business Partners L.P. has a fifty-two week low of $16.85 and a fifty-two week high of $26.75. The company has a debt-to-equity ratio of 2.97, a quick ratio of 1.21 and a current ratio of 1.48. The company has a market capitalization of $2.29 billion, a P/E ratio of -75.26 and a beta of 1.32. The stock has a fifty day moving average of $23.59 and a 200-day moving average of $23.21.

Brookfield Business Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Friday, May 30th. Brookfield Business Partners’s dividend payout ratio is currently -73.53%.

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.