Principal Financial Group Inc. Lowers Stock Position in Brookfield Business Partners L.P. (NYSE:BBU)

Principal Financial Group Inc. lessened its stake in shares of Brookfield Business Partners L.P. (NYSE:BBU) by 92.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,137 shares of the business services provider’s stock after selling 108,052 shares during the quarter. Principal Financial Group Inc.’s holdings in Brookfield Business Partners were worth $214,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Caldwell Investment Management Ltd. purchased a new position in Brookfield Business Partners during the fourth quarter worth about $1,731,000. Toronto Dominion Bank boosted its stake in Brookfield Business Partners by 12,276.3% during the third quarter. Toronto Dominion Bank now owns 260,769 shares of the business services provider’s stock worth $6,076,000 after buying an additional 258,662 shares during the period. National Bank of Canada FI lifted its position in shares of Brookfield Business Partners by 20.6% during the third quarter. National Bank of Canada FI now owns 97,584 shares of the business services provider’s stock worth $2,274,000 after purchasing an additional 16,684 shares in the last quarter. Brookfield Corp ON lifted its position in shares of Brookfield Business Partners by 1.7% during the third quarter. Brookfield Corp ON now owns 25,602,504 shares of the business services provider’s stock worth $596,538,000 after purchasing an additional 428,511 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Brookfield Business Partners by 13.6% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 773,975 shares of the business services provider’s stock worth $18,145,000 after purchasing an additional 92,413 shares in the last quarter. Hedge funds and other institutional investors own 85.04% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on BBU shares. Royal Bank of Canada reduced their price target on shares of Brookfield Business Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. BMO Capital Markets increased their price target 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. Finally, Scotiabank reissued an “outperform” rating on shares of Brookfield Business Partners in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $32.33.

Brookfield Business Partners Stock Down 1.6 %

Shares of Brookfield Business Partners stock opened at $23.24 on Friday. Brookfield Business Partners L.P. has a 52-week low of $16.85 and a 52-week high of $26.75. The company has a 50 day moving average of $23.15 and a 200 day moving average of $23.05. The company has a quick ratio of 0.39, a current ratio of 0.50 and a debt-to-equity ratio of 2.12. The company has a market capitalization of $1.73 billion, a P/E ratio of -47.43 and a beta of 1.50.

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

Brookfield Business Partners Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, February 28th will be given a dividend of $0.0625 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.25 annualized dividend and a dividend yield of 1.08%. Brookfield Business Partners’s dividend payout ratio is presently -51.02%.

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.