Renaissance Technologies LLC Lowers Holdings in Brookfield Business Partners LP (BBU)

Renaissance Technologies LLC decreased its position in shares of Brookfield Business Partners LP (NYSE:BBU) by 2.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 158,350 shares of the business services provider’s stock after selling 3,350 shares during the period. Renaissance Technologies LLC owned approximately 0.24% of Brookfield Business Partners worth $6,061,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CIBC World Markets Inc. raised its holdings in Brookfield Business Partners by 32.9% during the 2nd quarter. CIBC World Markets Inc. now owns 254,999 shares of the business services provider’s stock worth $9,756,000 after buying an additional 63,181 shares during the period. Fiera Capital Corp increased its holdings in shares of Brookfield Business Partners by 211.9% in the 2nd quarter. Fiera Capital Corp now owns 220,385 shares of the business services provider’s stock valued at $8,448,000 after purchasing an additional 149,735 shares during the period. PCJ Investment Counsel Ltd. acquired a new position in shares of Brookfield Business Partners in the 2nd quarter valued at about $575,000. Intact Investment Management Inc. acquired a new position in shares of Brookfield Business Partners in the 2nd quarter valued at about $1,695,000. Finally, Acadian Asset Management LLC increased its holdings in shares of Brookfield Business Partners by 81.0% in the 2nd quarter. Acadian Asset Management LLC now owns 635,128 shares of the business services provider’s stock valued at $24,328,000 after purchasing an additional 284,200 shares during the period. Institutional investors and hedge funds own 75.63% of the company’s stock.

BBU has been the topic of a number of research reports. Scotiabank initiated coverage on Brookfield Business Partners in a report on Wednesday, September 19th. They issued a “hold” rating and a $49.00 target price on the stock. Royal Bank of Canada set a $48.00 target price on Brookfield Business Partners and gave the company a “buy” rating in a report on Thursday, September 27th. Finally, Credit Suisse Group set a $54.00 target price on Brookfield Business Partners and gave the company a “buy” rating in a report on Thursday, August 23rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Brookfield Business Partners currently has a consensus rating of “Buy” and a consensus price target of $49.25.

Shares of BBU opened at $41.66 on Friday. The stock has a market capitalization of $3.03 billion, a PE ratio of 381.50 and a beta of 1.78. Brookfield Business Partners LP has a fifty-two week low of $29.00 and a fifty-two week high of $46.55. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.08 and a current ratio of 1.29.

Brookfield Business Partners (NYSE:BBU) last issued its earnings results on Friday, August 3rd. The business services provider reported $0.92 earnings per share for the quarter. The company had revenue of $8.78 billion for the quarter. Brookfield Business Partners had a return on equity of 8.81% and a net margin of 0.89%.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, August 31st were issued a $0.0625 dividend. The ex-dividend date was Thursday, August 30th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.60%.

Brookfield Business Partners Company Profile

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Institutional Ownership by Quarter for Brookfield Business Partners (NYSE:BBU)

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