Brookfield Business Partners (NYSE:BBU) Reaches New 12-Month High Following Dividend Announcement

Brookfield Business Partners L.P. (NYSE:BBU)’s stock price reached a new 52-week high on Thursday after the company announced a dividend. The stock traded as high as $36.90 and last traded at $33.83, with a volume of 53363 shares traded. The stock had previously closed at $34.71.

The newly announced dividend which will be paid on Wednesday, December 31st. Stockholders of record on Friday, November 28th will be issued a $0.0625 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.25 annualized dividend and a dividend yield of 0.8%. Brookfield Business Partners’s dividend payout ratio is currently -13.89%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BBU shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Brookfield Business Partners in a research report on Wednesday, October 8th. Desjardins lifted their target price on shares of Brookfield Business Partners from $31.00 to $34.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Zacks Research lowered Brookfield Business Partners from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 30th. Royal Bank Of Canada lifted their price target on Brookfield Business Partners from $35.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, September 29th. Finally, Scotiabank set a $39.00 price objective on Brookfield Business Partners and gave the stock an “outperform” rating in a research report on Thursday, October 2nd. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, Brookfield Business Partners presently has a consensus rating of “Hold” and a consensus target price of $36.50.

Brookfield Business Partners Price Performance

The business’s fifty day moving average is $31.73 and its 200 day moving average is $27.33. The company has a market cap of $2.71 billion, a P/E ratio of -16.98 and a beta of 1.39. The company has a current ratio of 1.67, a quick ratio of 1.36 and a debt-to-equity ratio of 2.90.

Institutional Investors Weigh In On Brookfield Business Partners

Several institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE grew its position in shares of Brookfield Business Partners by 30,100.0% in the second quarter. Bank of America Corp DE now owns 1,208 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 1,204 shares in the last quarter. Rathbones Group PLC purchased a new stake in Brookfield Business Partners during the 2nd quarter worth about $265,000. Cumberland Partners Ltd bought a new position in Brookfield Business Partners in the 3rd quarter worth about $318,000. Northwest & Ethical Investments L.P. purchased a new position in Brookfield Business Partners during the 2nd quarter valued at about $391,000. Finally, Bank of New York Mellon Corp grew its holdings in Brookfield Business Partners by 11.7% during the 1st quarter. Bank of New York Mellon Corp now owns 19,802 shares of the business services provider’s stock valued at $465,000 after buying an additional 2,078 shares in the last quarter. Hedge funds and other institutional investors own 85.04% of the company’s stock.

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.