K2 Principal Fund L.P. Has $1.13 Million Position in Brookfield Business Partners L.P. (NYSE:BBU)

K2 Principal Fund L.P. cut its position in Brookfield Business Partners L.P. (NYSE:BBU) by 61.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,893 shares of the business services provider’s stock after selling 96,460 shares during the quarter. K2 Principal Fund L.P. owned 0.08% of Brookfield Business Partners worth $1,129,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its position 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 valued at $1,701,000 after acquiring an additional 1,808 shares during the period. TD Asset Management Inc increased its position in shares of Brookfield Business Partners by 4.1% during the fourth quarter. TD Asset Management Inc now owns 160,426 shares of the business services provider’s stock worth $3,328,000 after acquiring an additional 6,290 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Brookfield Business Partners during the 2nd quarter worth approximately $307,000. Partners Value Investments L.P. grew its holdings in Brookfield Business Partners by 0.7% during the fourth quarter. Partners Value Investments L.P. now owns 2,941,062 shares of the business services provider’s stock worth $60,527,000 after buying an additional 19,061 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Brookfield Business Partners by 3.1% during the second quarter. Bank of Montreal Can now owns 767,726 shares of the business services provider’s stock valued at $15,036,000 after purchasing an additional 22,886 shares in the last quarter. 85.04% of the stock is currently owned by institutional investors.

Brookfield Business Partners Price Performance

BBU opened at $22.39 on Tuesday. The stock has a market capitalization of $1.66 billion, a P/E ratio of 3.51 and a beta of 1.45. The stock has a 50-day moving average price of $20.34 and a 200-day moving average price of $19.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 2.24. Brookfield Business Partners L.P. has a 12-month low of $12.22 and a 12-month high of $23.75.

Brookfield Business Partners (NYSE:BBU) last posted its earnings results on Friday, August 2nd. The business services provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.95). Brookfield Business Partners had a return on equity of 21.76% and a net margin of 7.34%. The firm had revenue of $11.95 billion for the quarter. During the same quarter last year, the business earned $0.85 EPS. Equities analysts predict that Brookfield Business Partners L.P. will post 4.52 earnings per share for the current fiscal year.

Brookfield Business Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Friday, August 30th. Brookfield Business Partners’s payout ratio is 3.92%.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price objective on shares of Brookfield Business Partners in a report on Monday, August 5th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $31.40.

Brookfield Business Partners 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.