Brookfield Business Partners (NYSE:BBU) Reaches New 52-Week High – Here’s Why

Shares of Brookfield Business Partners L.P. (NYSE:BBU) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $25.64 and last traded at $25.64, with a volume of 10047 shares. The stock had previously closed at $24.52.

Wall Street Analyst Weigh In

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

Brookfield Business Partners Trading Up 3.2 %

The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 2.24. The firm’s 50 day simple moving average is $22.38 and its two-hundred day simple moving average is $20.41. The stock has a market cap of $1.88 billion, a P/E ratio of 3.94 and a beta of 1.45.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its holdings in shares of Brookfield Business Partners by 1.5% during the second quarter. The Manufacturers Life Insurance Company now owns 40,726 shares of the business services provider’s stock valued at $770,000 after acquiring an additional 608 shares during the period. Principal Financial Group Inc. lifted its position in Brookfield Business Partners by 2.0% in the 2nd quarter. Principal Financial Group Inc. now owns 90,242 shares of the business services provider’s stock valued at $1,701,000 after purchasing an additional 1,808 shares during the last quarter. Intact Investment Management Inc. acquired a new position in Brookfield Business Partners during the 3rd quarter valued at about $45,000. Gold Investment Management Ltd. grew its position in Brookfield Business Partners by 7.4% in the 3rd quarter. Gold Investment Management Ltd. now owns 31,501 shares of the business services provider’s stock worth $739,000 after purchasing an additional 2,169 shares during the last quarter. Finally, Tandem Capital Management Corp ADV increased its stake in shares of Brookfield Business Partners by 24.5% in the third quarter. Tandem Capital Management Corp ADV now owns 40,281 shares of the business services provider’s stock valued at $890,000 after purchasing an additional 7,939 shares during the period. 85.04% of the stock is currently owned by institutional investors.

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.