Brookfield Corporation $BN Shares Sold by 1832 Asset Management L.P.

1832 Asset Management L.P. reduced its position in shares of Brookfield Corporation (NYSE:BN) by 4.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 18,423,346 shares of the company’s stock after selling 916,848 shares during the quarter. Brookfield makes up about 0.9% of 1832 Asset Management L.P.’s investment portfolio, making the stock its 10th biggest position. 1832 Asset Management L.P.’s holdings in Brookfield were worth $1,139,484,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Brookfield by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 60,892,877 shares of the company’s stock worth $3,186,707,000 after buying an additional 988,419 shares during the last quarter. Pershing Square Capital Management L.P. raised its position in shares of Brookfield by 17.5% during the 1st quarter. Pershing Square Capital Management L.P. now owns 41,004,657 shares of the company’s stock worth $2,149,054,000 after purchasing an additional 6,111,593 shares during the period. Akre Capital Management LLC raised its position in shares of Brookfield by 0.7% during the 1st quarter. Akre Capital Management LLC now owns 19,094,021 shares of the company’s stock worth $1,000,718,000 after purchasing an additional 124,842 shares during the period. Norges Bank bought a new stake in shares of Brookfield in the 2nd quarter worth approximately $1,040,160,000. Finally, Mackenzie Financial Corp boosted its position in Brookfield by 1.6% during the 2nd quarter. Mackenzie Financial Corp now owns 16,319,256 shares of the company’s stock valued at $1,010,616,000 after purchasing an additional 249,913 shares during the period. Institutional investors and hedge funds own 61.60% of the company’s stock.

Brookfield Trading Down 0.1%

Brookfield stock opened at $46.32 on Wednesday. Brookfield Corporation has a 1 year low of $29.07 and a 1 year high of $49.47. The firm’s 50 day moving average price is $45.42 and its two-hundred day moving average price is $43.52. The firm has a market cap of $114.69 billion, a price-to-earnings ratio of 128.68 and a beta of 1.57. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.19 and a current ratio of 1.31.

Brookfield (NYSE:BN) last released its quarterly earnings data on Thursday, November 13th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Brookfield had a return on equity of 3.92% and a net margin of 1.34%. On average, research analysts predict that Brookfield Corporation will post 3.85 EPS for the current fiscal year.

Brookfield Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. Brookfield’s dividend payout ratio (DPR) is currently 66.67%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BN shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Brookfield in a research report on Monday. BMO Capital Markets upped their price target on shares of Brookfield from $44.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. TD Securities lifted their price objective on shares of Brookfield from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Cowen reissued a “buy” rating on shares of Brookfield in a research note on Friday, August 8th. Finally, Morgan Stanley set a $54.00 target price on shares of Brookfield and gave the stock an “overweight” rating in a research report on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Brookfield presently has an average rating of “Buy” and a consensus price target of $53.47.

About Brookfield

Brookfield Corporation is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients.