First Manhattan Co. increased its stake in Brookfield Business Partners L.P. (NYSE:BBU) by 20.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,022 shares of the business services provider’s stock after buying an additional 13,153 shares during the period. First Manhattan Co. owned about 0.07% of Brookfield Business Partners L.P. worth $2,133,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of BBU. Steinberg Global Asset Management increased its stake in Brookfield Business Partners L.P. by 10.4% in the second quarter. Steinberg Global Asset Management now owns 14,494 shares of the business services provider’s stock valued at $392,000 after buying an additional 1,360 shares during the last quarter. CIBC Asset Management Inc increased its stake in Brookfield Business Partners L.P. by 476.9% in the second quarter. CIBC Asset Management Inc now owns 717,862 shares of the business services provider’s stock valued at $19,391,000 after buying an additional 593,430 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Brookfield Business Partners L.P. during the second quarter valued at approximately $486,000. Institutional investors and hedge funds own 71.14% of the company’s stock.
Shares of Brookfield Business Partners L.P. (NYSE:BBU) opened at 27.89 on Friday. Brookfield Business Partners L.P. has a 1-year low of $20.00 and a 1-year high of $29.03. The stock’s 50 day moving average is $27.44 and its 200 day moving average is $26.03. The firm has a market capitalization of $3.01 billion, a P/E ratio of 606.30 and a beta of 2.10.
Brookfield Business Partners L.P. (NYSE:BBU) last posted its earnings results on Monday, May 8th. The business services provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.75 by $0.14. The company had revenue of $1.93 billion during the quarter. Brookfield Business Partners L.P. had a net margin of 2.51% and a return on equity of 2.01%. Equities analysts predict that Brookfield Business Partners L.P. will post $1.38 earnings per share for the current year.
Separately, Scotiabank lifted their price objective on shares of Brookfield Business Partners L.P. from $28.50 to $39.00 and gave the stock an “outperform” rating in a research note on Friday, April 21st.
About Brookfield Business Partners L.P.
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