Brookfield Business Partners (NYSE:BBU) Coverage Initiated at Canadian Imperial Bank of Commerce

Investment analysts at Canadian Imperial Bank of Commerce assumed coverage on shares of Brookfield Business Partners (NYSE:BBU) in a research note issued on Friday. The brokerage set a “sector outperform” rating and a $44.00 price target on the business services provider’s stock. Canadian Imperial Bank of Commerce’s price objective suggests a potential upside of 28.96% from the company’s previous close.

Several other analysts have also weighed in on BBU. Royal Bank Of Canada lifted their price objective on Brookfield Business Partners from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. National Bank Financial raised their target price on Brookfield Business Partners from $43.00 to $44.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Scotiabank reissued an “outperform” rating on shares of Brookfield Business Partners in a report on Monday, February 2nd. Weiss Ratings restated a “sell (d+)” rating on shares of Brookfield Business Partners in a research note on Wednesday, January 21st. Finally, BMO Capital Markets upped their target price on shares of Brookfield Business Partners from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Six research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.00.

Brookfield Business Partners Stock Performance

NYSE BBU traded down $0.55 during trading on Friday, hitting $34.12. The company’s stock had a trading volume of 45,810 shares, compared to its average volume of 25,052. The firm has a 50 day moving average price of $35.43 and a 200 day moving average price of $32.89. The firm has a market cap of $2.99 billion, a P/E ratio of -131.23 and a beta of 1.31. The company has a quick ratio of 0.19, a current ratio of 0.27 and a debt-to-equity ratio of 2.84. Brookfield Business Partners has a 52 week low of $18.63 and a 52 week high of $37.75.

Brookfield Business Partners (NYSE:BBU) last posted its quarterly earnings results on Friday, January 30th. The business services provider reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($1.86). The company had revenue of $7 billion during the quarter, compared to analyst estimates of $3.46 billion. Brookfield Business Partners had a return on equity of 2.67% and a net margin of 1.41%. Equities research analysts forecast that Brookfield Business Partners will post 5.25 earnings per share for the current fiscal year.

Institutional Trading of Brookfield Business Partners

A number of institutional investors have recently bought and sold shares of BBU. JPMorgan Chase & Co. boosted its position in shares of Brookfield Business Partners by 214.0% in the 4th quarter. JPMorgan Chase & Co. now owns 1,013,814 shares of the business services provider’s stock worth $35,483,000 after purchasing an additional 690,915 shares during the last quarter. Picton Mahoney Asset Management raised its position in shares of Brookfield Business Partners by 74.4% during the third quarter. Picton Mahoney Asset Management now owns 696,679 shares of the business services provider’s stock worth $22,849,000 after purchasing an additional 297,180 shares during the period. Toronto Dominion Bank raised its holdings in shares of Brookfield Business Partners by 59,309.7% in the fourth quarter. Toronto Dominion Bank now owns 215,063 shares of the business services provider’s stock valued at $7,596,000 after purchasing an additional 214,701 shares during the last quarter. Credit Industriel ET Commercial bought a new stake in shares of Brookfield Business Partners in the third quarter worth $4,905,000. Finally, Legal & General Group Plc bought a new position in Brookfield Business Partners in the second quarter valued at $3,373,000. Institutional investors and hedge funds own 85.04% of the company’s stock.

About Brookfield Business Partners

Brookfield Business Partners L.P. (NYSE: BBU) is a publicly traded partnership sponsored by Brookfield Asset Management. The company focuses on acquiring and operating high-quality businesses across a range of industrial and service-oriented sectors. Through a partnership structure, Brookfield Business Partners seeks to provide investors with returns generated from stable, cash-flowing enterprises that benefit from Brookfield Asset Management’s global scale and operational expertise.

The company’s investment strategy centers on businesses within the industrial services, manufacturing, transportation, and business services segments.