Scotiabank Raises Brookfield Business Partners L.P. (BBU) Price Target to $33.50

Brookfield Business Partners L.P. (NYSE:BBU) had its target price raised by Scotiabank from $29.00 to $33.50 in a research report released on Wednesday morning. They currently have an outperform rating on the business services provider’s stock.

Shares of Brookfield Business Partners L.P. (BBU) traded down 0.40% during midday trading on Wednesday, hitting $29.59. 3,862 shares of the stock were exchanged. Brookfield Business Partners L.P. has a 12 month low of $20.51 and a 12 month high of $30.68. The stock has a 50 day moving average price of $27.94 and a 200-day moving average price of $26.24. The company has a market cap of $3.20 billion, a PE ratio of 96.70 and a beta of 2.10.

Brookfield Business Partners L.P. (NYSE:BBU) last issued its quarterly earnings data on Tuesday, August 8th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.15. Brookfield Business Partners L.P. had a return on equity of 1.22% and a net margin of 1.63%. The business had revenue of $4.87 billion for the quarter. On average, analysts predict that Brookfield Business Partners L.P. will post $1.38 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.063 per share. This is an increase from Brookfield Business Partners L.P.’s previous quarterly dividend of $0.06. This represents a $0.25 annualized dividend and a yield of 0.85%. The ex-dividend date is Tuesday, August 29th.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. CIBC Asset Management Inc increased its stake in shares of 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. CIBC World Markets Inc. purchased a new stake in shares of Brookfield Business Partners L.P. during the second quarter valued at $1,739,000. Acadian Asset Management LLC purchased a new stake in shares of Brookfield Business Partners L.P. during the second quarter valued at $486,000. First Manhattan Co. increased its stake in shares of Brookfield Business Partners L.P. by 20.0% in the second quarter. First Manhattan Co. now owns 79,022 shares of the business services provider’s stock valued at $2,133,000 after buying an additional 13,153 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Brookfield Business Partners L.P. by 434.5% in the second quarter. Wells Fargo & Company MN now owns 5,137 shares of the business services provider’s stock valued at $139,000 after buying an additional 4,176 shares during the last quarter. 72.31% of the stock is currently owned by institutional investors.

About Brookfield Business Partners L.P.

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