Forge First Asset Management Inc. Raises Stock Holdings in Brookfield Business Partners L.P. (NYSE:BBU)

Forge First Asset Management Inc. grew its holdings in Brookfield Business Partners L.P. (NYSE:BBU) by 48.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 532,964 shares of the business services provider’s stock after purchasing an additional 173,500 shares during the quarter. Brookfield Business Partners makes up approximately 4.5% of Forge First Asset Management Inc.’s holdings, making the stock its 8th biggest holding. Forge First Asset Management Inc.’s holdings in Brookfield Business Partners were worth $12,538,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. AGF Management Ltd. acquired a new stake in shares of Brookfield Business Partners in the 4th quarter valued at approximately $5,111,000. PCJ Investment Counsel Ltd. grew its stake in shares of Brookfield Business Partners by 6.6% in the fourth quarter. PCJ Investment Counsel Ltd. now owns 1,618,655 shares of the business services provider’s stock valued at $38,041,000 after buying an additional 99,763 shares in the last quarter. BBR Partners LLC bought a new position in shares of Brookfield Business Partners in the fourth quarter valued at $241,000. Bank of New York Mellon Corp boosted its position in Brookfield Business Partners by 8.9% during the fourth quarter. Bank of New York Mellon Corp now owns 17,724 shares of the business services provider’s stock worth $415,000 after purchasing an additional 1,448 shares during the period. Finally, Caldwell Investment Management Ltd. bought a new position in Brookfield Business Partners during the fourth quarter worth $1,731,000. 85.04% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Business Partners Stock Performance

NYSE:BBU opened at $22.33 on Wednesday. The stock has a market cap of $1.66 billion, a P/E ratio of -45.57 and a beta of 1.50. The company has a current ratio of 0.50, a quick ratio of 0.39 and a debt-to-equity ratio of 2.12. The stock’s 50-day moving average is $23.13 and its 200-day moving average is $23.11. Brookfield Business Partners L.P. has a 1-year low of $16.85 and a 1-year high of $26.75.

Brookfield Business Partners (NYSE:BBU) last announced its earnings results on Friday, January 31st. The business services provider reported $1.47 EPS for the quarter, beating the consensus estimate of $0.14 by $1.33. Brookfield Business Partners had a return on equity of 5.09% and a net margin of 2.20%. Equities research analysts anticipate that Brookfield Business Partners L.P. will post 5.25 earnings per share for the current year.

Brookfield Business Partners Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 1.12%. The ex-dividend date is Friday, February 28th. Brookfield Business Partners’s dividend payout ratio (DPR) is presently -51.02%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BBU shares. BMO Capital Markets lifted their price objective on shares of Brookfield Business Partners from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Scotiabank reaffirmed an “outperform” rating on shares of Brookfield Business Partners in a research note on Monday, February 3rd. Finally, Royal Bank of Canada lowered their target price on Brookfield Business Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $32.33.

Brookfield Business Partners Company Profile

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.