Scotiabank Forecasts Strong Price Appreciation for Brookfield Business Partners (NYSE:BBU) Stock

Brookfield Business Partners (NYSE:BBU) had its price objective boosted by Scotiabank from $32.00 to $33.00 in a report issued on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the business services provider’s stock. Scotiabank’s price objective would suggest a potential upside of 60.90% from the stock’s current price.

Separately, BMO Capital Markets boosted their price objective on shares of Brookfield Business Partners from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $33.00.

Brookfield Business Partners Stock Performance

Shares of Brookfield Business Partners stock traded down $1.43 on Monday, reaching $20.51. 4,126 shares of the stock were exchanged, compared to its average volume of 18,465. The firm has a market capitalization of $1.52 billion, a PE ratio of -41.86 and a beta of 1.50. Brookfield Business Partners has a 1-year low of $16.85 and a 1-year high of $26.75. The business has a fifty day moving average price of $23.24 and a two-hundred day moving average price of $22.34. The company has a current ratio of 1.17, a quick ratio of 0.95 and a debt-to-equity ratio of 2.12.

Brookfield Business Partners (NYSE:BBU) last released its quarterly earnings data on Friday, January 31st. The business services provider reported $1.47 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 5.00%. As a group, research analysts anticipate that Brookfield Business Partners will post 5.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Brookfield Business Partners

Several institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its position in Brookfield Business Partners by 1.5% during the second quarter. The Manufacturers Life Insurance Company now owns 40,726 shares of the business services provider’s stock worth $770,000 after purchasing an additional 608 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Brookfield Business Partners in the third quarter worth $45,000. Gold Investment Management Ltd. increased its position in shares of Brookfield Business Partners by 7.4% in the third quarter. Gold Investment Management Ltd. now owns 31,501 shares of the business services provider’s stock worth $739,000 after acquiring an additional 2,169 shares in the last quarter. Tandem Capital Management Corp ADV increased its position in shares of Brookfield Business Partners by 24.5% in the third quarter. Tandem Capital Management Corp ADV now owns 40,281 shares of the business services provider’s stock worth $890,000 after acquiring an additional 7,939 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Brookfield Business Partners by 20.6% in 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 acquiring an additional 16,684 shares in the last quarter. 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.