Brookfield Business Partners L.P. (BBU) Price Target Raised to $33.50

Brookfield Business Partners L.P. (NYSE:BBU) had its price objective raised by Scotiabank from $29.00 to $33.50 in a research note issued on Wednesday, August 9th. The firm presently has an “outperform” rating on the business services provider’s stock. Scotiabank’s target price would indicate a potential upside of 13.67% from the stock’s previous close.

Brookfield Business Partners L.P. (BBU) traded up 0.20% on Wednesday, hitting $29.47. The stock had a trading volume of 4,205 shares. The stock has a market cap of $3.18 billion, a P/E ratio of 96.31 and a beta of 2.10. Brookfield Business Partners L.P. has a 12 month low of $21.10 and a 12 month high of $30.68. The company’s 50 day moving average is $28.31 and its 200-day moving average is $26.39.

Brookfield Business Partners L.P. (NYSE:BBU) last posted its earnings results on Tuesday, August 8th. The business services provider reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.09 by $0.15. The company had revenue of $4.87 billion for the quarter. Brookfield Business Partners L.P. had a return on equity of 1.22% and a net margin of 1.63%. Analysts forecast that Brookfield Business Partners L.P. will post $1.38 EPS for the current year.

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A number of hedge funds have recently bought and sold shares of BBU. Acadian Asset Management LLC bought a new stake in Brookfield Business Partners L.P. during the second quarter valued at approximately $486,000. Steinberg Global Asset Management raised its stake in Brookfield Business Partners L.P. by 10.4% in the second quarter. Steinberg Global Asset Management now owns 14,494 shares of the business services provider’s stock valued at $392,000 after buying an additional 1,360 shares during the period. CIBC Asset Management Inc raised its stake in Brookfield Business Partners L.P. by 476.9% in the second quarter. CIBC Asset Management Inc now owns 717,862 shares of the business services provider’s stock valued at $19,391,000 after buying an additional 593,430 shares during the period. First Manhattan Co. raised its stake in Brookfield Business Partners L.P. by 20.0% in the second quarter. First Manhattan Co. now owns 79,022 shares of the business services provider’s stock valued at $2,133,000 after buying an additional 13,153 shares during the period. Finally, TD Asset Management Inc. raised its stake in shares of Brookfield Business Partners L.P. by 3.2% in the second quarter. TD Asset Management Inc. now owns 114,662 shares of the business services provider’s stock valued at $3,096,000 after buying an additional 3,607 shares during the last quarter. 72.30% of the stock is currently owned by hedge funds and other institutional investors.

About Brookfield Business Partners L.P.

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