Brookfield Business Partners (NYSE:BBU) Reaches New 1-Year High – Still a Buy?

Brookfield Business Partners L.P. (NYSE:BBU)’s share price hit a new 52-week high on Friday . The stock traded as high as $25.64 and last traded at $25.64, with a volume of 10047 shares changing hands. The stock had previously closed at $24.52.

Wall Street Analysts Forecast Growth

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

Brookfield Business Partners Price Performance

The business has a 50-day simple moving average of $22.38 and a two-hundred day simple moving average of $20.41. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 3.94 and a beta of 1.45. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 2.24.

Hedge Funds Weigh In On Brookfield Business Partners

Several hedge funds have recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Brookfield Business Partners by 12.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 681,562 shares of the business services provider’s stock worth $12,910,000 after buying an additional 77,017 shares during the last quarter. K2 Principal Fund L.P. grew its holdings in shares of Brookfield Business Partners by 58.3% in the 1st quarter. K2 Principal Fund L.P. now owns 156,353 shares of the business services provider’s stock worth $3,455,000 after acquiring an additional 57,553 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Brookfield Business Partners by 29.9% during the third quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider’s stock worth $2,731,000 after purchasing an additional 26,947 shares during the period. Bank of Montreal Can lifted its holdings 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 during the last quarter. Finally, AYAL Capital Advisors Ltd boosted its position in shares of Brookfield Business Partners by 97.4% in the 2nd quarter. AYAL Capital Advisors Ltd now owns 45,000 shares of the business services provider’s stock valued at $848,000 after purchasing an additional 22,200 shares during the period. Institutional investors and hedge funds own 85.04% of the company’s stock.

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.