Brookfield Business Partners (NYSE:BBU) Sets New 52-Week High – Here’s What Happened

Brookfield Business Partners L.P. (NYSE:BBU)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $37.45 and last traded at $37.5690, with a volume of 1771 shares traded. The stock had previously closed at $36.82.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. BMO Capital Markets boosted their target price on Brookfield Business Partners from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Brookfield Business Partners in a research note on Wednesday, January 21st. Desjardins increased their target price on Brookfield Business Partners from $41.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Zacks Research lowered Brookfield Business Partners from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Finally, Scotiabank reiterated an “outperform” rating on shares of Brookfield Business Partners in a research note on Monday, February 2nd. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $40.67.

Brookfield Business Partners Stock Up 0.8%

The business’s 50-day simple moving average is $35.55 and its 200-day simple moving average is $32.07. The company has a market capitalization of $3.25 billion, a PE ratio of -142.71 and a beta of 1.31. The company has a current ratio of 0.27, a quick ratio of 0.19 and a debt-to-equity ratio of 2.84.

Brookfield Business Partners (NYSE:BBU) last posted its earnings results on Friday, January 30th. The business services provider reported ($0.48) earnings per share for the quarter, missing the consensus estimate of $1.38 by ($1.86). Brookfield Business Partners had a return on equity of 2.67% and a net margin of 1.41%.The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $3.46 billion. As a group, equities research analysts anticipate that Brookfield Business Partners L.P. will post 5.25 EPS for the current fiscal year.

Institutional Trading of Brookfield Business Partners

Hedge funds have recently made changes to their positions in the company. Picton Mahoney Asset Management grew its holdings in Brookfield Business Partners by 74.4% during the 3rd quarter. Picton Mahoney Asset Management now owns 696,679 shares of the business services provider’s stock valued at $22,849,000 after purchasing an additional 297,180 shares in the last quarter. JPMorgan Chase & Co. grew its position in Brookfield Business Partners by 796.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 322,899 shares of the business services provider’s stock worth $10,530,000 after purchasing an additional 286,872 shares in the last quarter. Credit Industriel ET Commercial purchased a new stake in shares of Brookfield Business Partners in the third quarter valued at $4,905,000. Legal & General Group Plc acquired a new stake in shares of Brookfield Business Partners in the second quarter worth $3,373,000. Finally, Alberta Investment Management Corp acquired a new position in Brookfield Business Partners during the third quarter valued at $3,392,000. Institutional investors and hedge funds own 85.04% of the company’s stock.

About Brookfield Business Partners

Brookfield Business Partners L.P. (NYSE: BBU) is a publicly traded partnership sponsored by Brookfield Asset Management. The company focuses on acquiring and operating high-quality businesses across a range of industrial and service-oriented sectors. Through a partnership structure, Brookfield Business Partners seeks to provide investors with returns generated from stable, cash-flowing enterprises that benefit from Brookfield Asset Management’s global scale and operational expertise.

The company’s investment strategy centers on businesses within the industrial services, manufacturing, transportation, and business services segments.