JPMorgan Chase & Co. Buys 286,872 Shares of Brookfield Business Partners L.P. $BBU

JPMorgan Chase & Co. increased its position in shares of Brookfield Business Partners L.P. (NYSE:BBU) by 796.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 322,899 shares of the business services provider’s stock after purchasing an additional 286,872 shares during the period. JPMorgan Chase & Co. owned approximately 0.37% of Brookfield Business Partners worth $10,530,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of BBU. Legal & General Group Plc acquired a new stake in shares of Brookfield Business Partners during the 2nd quarter worth approximately $3,373,000. Alberta Investment Management Corp acquired a new position in Brookfield Business Partners in the 3rd quarter worth about $3,392,000. Picton Mahoney Asset Management raised its holdings in Brookfield Business Partners by 74.4% in 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 buying an additional 297,180 shares during the last quarter. Credit Industriel ET Commercial bought a new position in shares of Brookfield Business Partners during the third quarter valued at $4,905,000. Finally, Northwest & Ethical Investments L.P. bought a new position in Brookfield Business Partners during the 2nd quarter worth $391,000. Institutional investors own 85.04% of the company’s stock.

Wall Street Analyst Weigh In

BBU has been the topic of several recent analyst reports. Scotiabank restated an “outperform” rating on shares of Brookfield Business Partners in a report on Monday, February 2nd. Canadian Imperial Bank of Commerce began coverage on shares of Brookfield Business Partners in a research report on Friday, February 27th. They issued a “sector outperform” rating and a $44.00 price target for the company. Royal Bank Of Canada boosted their price objective on Brookfield Business Partners from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. BMO Capital Markets upped their target price on shares of Brookfield Business Partners from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Finally, Desjardins increased their price target on Brookfield Business Partners from $41.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Brookfield Business Partners Price Performance

BBU opened at $32.14 on Friday. Brookfield Business Partners L.P. has a 12-month low of $18.63 and a 12-month high of $37.75. The company has a current ratio of 0.27, a quick ratio of 0.19 and a debt-to-equity ratio of 2.84. The stock has a 50-day moving average price of $33.99 and a 200-day moving average price of $33.73. The stock has a market capitalization of $2.81 billion, a P/E ratio of -123.60 and a beta of 1.30.

Brookfield Business Partners (NYSE:BBU) last released 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 company had revenue of $7 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Brookfield Business Partners had a return on equity of 2.67% and a net margin of 1.41%. Equities analysts predict that Brookfield Business Partners L.P. will post 5.25 earnings per share for the current fiscal year.

Brookfield Business Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, March 23rd. Brookfield Business Partners’s payout ratio is -96.15%.

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.