Brookfield Business Partners LP (NYSE:BBU) Sees Significant Drop in Short Interest

Brookfield Business Partners LP (NYSE:BBU) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 30,200 shares, a decrease of 27.9% from the July 31st total of 41,900 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average trading volume of 48,100 shares, the short-interest ratio is presently 0.6 days.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Toronto Dominion Bank increased its position in Brookfield Business Partners by 76.3% during the 2nd quarter. Toronto Dominion Bank now owns 317,434 shares of the business services provider’s stock worth $12,074,000 after purchasing an additional 137,411 shares during the period. Colony Group LLC acquired a new position in Brookfield Business Partners during the 2nd quarter worth approximately $584,000. Royal Bank of Canada increased its position in Brookfield Business Partners by 50.5% during the 2nd quarter. Royal Bank of Canada now owns 7,080,705 shares of the business services provider’s stock worth $271,271,000 after purchasing an additional 2,375,331 shares during the period. Jane Street Group LLC acquired a new position in Brookfield Business Partners during the 2nd quarter worth approximately $293,000. Finally, Citadel Advisors LLC increased its position in Brookfield Business Partners by 130.6% during the 2nd quarter. Citadel Advisors LLC now owns 16,426 shares of the business services provider’s stock worth $629,000 after purchasing an additional 9,303 shares during the period. Institutional investors own 74.27% of the company’s stock.

NYSE BBU traded down $0.05 on Friday, hitting $37.89. 880 shares of the company’s stock were exchanged, compared to its average volume of 46,388. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.21 and a quick ratio of 0.91. The firm’s 50-day moving average price is $35.70 and its two-hundred day moving average price is $37.52. Brookfield Business Partners has a fifty-two week low of $29.82 and a fifty-two week high of $46.55. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 28.72 and a beta of 1.43.

Brookfield Business Partners (NYSE:BBU) last released its earnings results on Wednesday, July 31st. The business services provider reported $0.82 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.49 by ($0.67). Brookfield Business Partners had a return on equity of 10.89% and a net margin of 2.11%. The business had revenue of $10.72 billion for the quarter.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be given a dividend of $0.063 per share. This is a boost from Brookfield Business Partners’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, August 29th. This represents a $0.25 annualized dividend and a yield of 0.67%.

Several analysts have commented on BBU shares. TheStreet raised Brookfield Business Partners from a “d” rating to a “c-” rating in a research note on Wednesday, July 31st. Credit Suisse Group initiated coverage on Brookfield Business Partners in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $48.00 price objective for the company. Finally, Royal Bank of Canada boosted their target price on Brookfield Business Partners from $45.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 2nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $47.50.

Brookfield Business Partners Company Profile

Brookfield Business Partners L.P. is a private equity firm specializes in acquisition. The firm typically invests in business 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. Brookfield Business Partners L.P.

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