Brookfield Business Partners (NYSE:BBU) Sees Strong Trading Volume After Dividend Announcement

Shares of Brookfield Business Partners L.P. (NYSE:BBU) saw strong trading volume on Monday after the company announced a dividend. 21,102 shares changed hands during trading, an increase of 50% from the previous session’s volume of 14,059 shares.The stock last traded at $24.44 and had previously closed at $25.02.

The newly announced dividend which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be paid a dividend of $0.063 per share. This represents a $0.25 annualized dividend and a yield of 1.03%. This is a boost from Brookfield Business Partners’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Friday, November 29th. Brookfield Business Partners’s dividend payout ratio (DPR) is presently 3.84%.

Analysts Set New Price Targets

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

Brookfield Business Partners Trading Down 2.3 %

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 stock’s 50 day moving average is $22.48 and its 200-day moving average is $20.45. The company has a market cap of $1.82 billion, a PE ratio of 3.84 and a beta of 1.45.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BBU. The Manufacturers Life Insurance Company increased its position in 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 last quarter. Principal Financial Group Inc. boosted its stake in shares of Brookfield Business Partners by 2.0% during the 2nd quarter. Principal Financial Group Inc. now owns 90,242 shares of the business services provider’s stock worth $1,701,000 after purchasing an additional 1,808 shares during the period. Intact Investment Management Inc. bought a new position in Brookfield Business Partners during the 3rd quarter valued at about $45,000. Gold Investment Management Ltd. raised 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 period. Finally, Tandem Capital Management Corp ADV lifted its stake in 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 worth $890,000 after purchasing an additional 7,939 shares during the last quarter. Institutional investors own 85.04% of the company’s stock.

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.