Bank of New York Mellon Corp Takes Position in Brookfield Business Partners L.P. (NYSE:BBU)

Bank of New York Mellon Corp bought a new stake in shares of Brookfield Business Partners L.P. (NYSE:BBU) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 16,266 shares of the business services provider’s stock, valued at approximately $307,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. K2 Principal Fund L.P. acquired a new position in shares of Brookfield Business Partners during the fourth quarter valued at about $2,033,000. Triasima Portfolio Management inc. bought a new position in Brookfield Business Partners in the first quarter worth approximately $1,405,000. Gold Investment Management Ltd. acquired a new stake in Brookfield Business Partners in the fourth quarter valued at approximately $618,000. Principal Financial Group Inc. grew its stake in Brookfield Business Partners by 35.7% in the first quarter. Principal Financial Group Inc. now owns 88,434 shares of the business services provider’s stock valued at $1,954,000 after acquiring an additional 23,258 shares during the period. Finally, Partners Value Investments L.P. increased its holdings in shares of Brookfield Business Partners by 0.7% during the fourth quarter. Partners Value Investments L.P. now owns 2,941,062 shares of the business services provider’s stock valued at $60,527,000 after acquiring an additional 19,061 shares in the last quarter. 85.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reiterated an “outperform” rating and issued a $32.00 target price on shares of Brookfield Business Partners in a report on Monday, August 5th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $31.40.

Brookfield Business Partners Stock Performance

Shares of BBU opened at $23.20 on Thursday. The firm has a market capitalization of $1.72 billion, a P/E ratio of 3.64 and a beta of 1.45. Brookfield Business Partners L.P. has a 52 week low of $12.22 and a 52 week high of $23.75. The stock has a 50 day moving average price of $20.44 and a two-hundred day moving average price of $19.91. The company has a debt-to-equity ratio of 2.24, a quick ratio of 0.74 and a current ratio of 1.00.

Brookfield Business Partners (NYSE:BBU) last announced its quarterly earnings results on Friday, August 2nd. The business services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.95). Brookfield Business Partners had a return on equity of 21.76% and a net margin of 7.34%. The company had revenue of $11.95 billion for the quarter. During the same period in the prior year, the business earned $0.85 EPS. Equities analysts forecast that Brookfield Business Partners L.P. will post 4.52 earnings per share for the current fiscal year.

Brookfield Business Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.0625 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.25 annualized dividend and a dividend yield of 1.08%. Brookfield Business Partners’s dividend payout ratio is currently 3.92%.

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.