Picton Mahoney Asset Management Grows Position in Brookfield Business Partners L.P. $BBU

Picton Mahoney Asset Management raised its position in Brookfield Business Partners L.P. (NYSE:BBU) by 74.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 696,679 shares of the business services provider’s stock after purchasing an additional 297,180 shares during the quarter. Picton Mahoney Asset Management’s holdings in Brookfield Business Partners were worth $22,849,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in shares of Brookfield Business Partners by 30,100.0% during the second quarter. Bank of America Corp DE now owns 1,208 shares of the business services provider’s stock valued at $31,000 after buying an additional 1,204 shares during the last quarter. Gold Investment Management Ltd. lifted its stake in shares of Brookfield Business Partners by 5.4% during the 3rd quarter. Gold Investment Management Ltd. now owns 44,270 shares of the business services provider’s stock worth $1,452,000 after acquiring an additional 2,276 shares during the last quarter. Cumberland Partners Ltd purchased a new position in Brookfield Business Partners during the 3rd quarter valued at $318,000. Rathbones Group PLC bought a new position in Brookfield Business Partners in the 2nd quarter valued at $265,000. Finally, TD Asset Management Inc increased its stake in Brookfield Business Partners by 9.6% in the third quarter. TD Asset Management Inc now owns 163,598 shares of the business services provider’s stock worth $5,367,000 after purchasing an additional 14,283 shares during the period. Institutional investors own 85.04% of the company’s stock.

Brookfield Business Partners Stock Down 0.6%

Shares of Brookfield Business Partners stock opened at $34.44 on Wednesday. The company has a debt-to-equity ratio of 2.84, a current ratio of 0.27 and a quick ratio of 0.19. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of -132.46 and a beta of 1.30. The firm’s 50-day moving average is $35.37 and its two-hundred day moving average is $33.21. Brookfield Business Partners L.P. has a 1 year low of $18.63 and a 1 year high of $37.75.

Brookfield Business Partners (NYSE:BBU) last posted its quarterly earnings results on Friday, January 30th. The business services provider reported ($0.48) EPS for the quarter, missing the consensus estimate of $1.38 by ($1.86). Brookfield Business Partners had a net margin of 1.41% and a return on equity of 2.67%. The business had revenue of $7 billion during the quarter, compared to the consensus estimate of $3.46 billion. As a group, research analysts expect that Brookfield Business Partners L.P. will post 5.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Canadian Imperial Bank of Commerce initiated coverage on Brookfield Business Partners in a research report on Friday, February 27th. They set a “sector outperform” rating and a $44.00 target price for the company. National Bank Financial raised their price target on shares of Brookfield Business Partners from $43.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Scotiabank reiterated an “outperform” rating on shares of Brookfield Business Partners in a report on Monday, February 2nd. BMO Capital Markets upped their target price on shares of Brookfield Business Partners from $42.00 to $43.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Finally, Desjardins raised their target price on shares of Brookfield Business Partners from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Brookfield Business Partners has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Brookfield Business Partners Company Profile

Brookfield Business Partners L.P. (NYSE: BBU) is a publicly traded partnership sponsored by Brookfield Asset Management. The company focuses on acquiring and operating high-quality businesses across a range of industrial and service-oriented sectors. Through a partnership structure, Brookfield Business Partners seeks to provide investors with returns generated from stable, cash-flowing enterprises that benefit from Brookfield Asset Management’s global scale and operational expertise.

The company’s investment strategy centers on businesses within the industrial services, manufacturing, transportation, and business services segments.