JPMorgan Chase & Co. Raises Stock Position in Brookfield Business Partners L.P. $BBU

JPMorgan Chase & Co. lifted its position in Brookfield Business Partners L.P. (NYSE:BBU) by 796.3% in the third quarter, Holdings Channel reports. The firm owned 322,899 shares of the business services provider’s stock after buying an additional 286,872 shares during the period. JPMorgan Chase & Co.’s holdings in Brookfield Business Partners were worth $10,530,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc bought a new stake in Brookfield Business Partners during the 2nd quarter valued at $3,373,000. TD Waterhouse Canada Inc. grew its position in shares of Brookfield Business Partners by 1.6% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,119,781 shares of the business services provider’s stock worth $35,513,000 after buying an additional 17,508 shares in the last quarter. Northwest & Ethical Investments L.P. purchased a new position in shares of Brookfield Business Partners during the second quarter valued at $391,000. Rathbones Group PLC bought a new stake in shares of Brookfield Business Partners in the second quarter valued at about $265,000. Finally, Gold Investment Management Ltd. lifted its stake in Brookfield Business Partners by 5.4% in the third quarter. Gold Investment Management Ltd. now owns 44,270 shares of the business services provider’s stock worth $1,452,000 after acquiring an additional 2,276 shares during the period. Institutional investors own 85.04% of the company’s stock.

Brookfield Business Partners Price Performance

Shares of BBU opened at $34.25 on Friday. The company has a 50 day moving average of $35.30 and a two-hundred day moving average of $33.23. The company has a quick ratio of 0.19, a current ratio of 0.27 and a debt-to-equity ratio of 2.84. Brookfield Business Partners L.P. has a twelve month low of $18.63 and a twelve month high of $37.75. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -131.71 and a beta of 1.30.

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

Analyst Ratings Changes

A number of research firms have commented on BBU. Zacks Research downgraded shares of Brookfield Business Partners from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. National Bank Financial lifted their price objective on shares of Brookfield Business Partners from $43.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Royal Bank Of Canada upped their target price on Brookfield Business Partners from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Canadian Imperial Bank of Commerce initiated coverage on Brookfield Business Partners in a report on Friday, February 27th. They issued a “sector outperform” rating and a $44.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Brookfield Business Partners in a research report on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Brookfield Business Partners Profile

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.