Carmel Capital Partners LLC Trims Stake in Brookfield Corporation $BN

Carmel Capital Partners LLC reduced its stake in Brookfield Corporation (NYSE:BN) by 29.6% during the third quarter, Holdings Channel.com reports. The firm owned 30,033 shares of the company’s stock after selling 12,654 shares during the quarter. Brookfield accounts for approximately 0.9% of Carmel Capital Partners LLC’s holdings, making the stock its 23rd largest position. Carmel Capital Partners LLC’s holdings in Brookfield were worth $2,060,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BN. Akre Capital Management LLC increased its position in Brookfield by 0.7% in the second quarter. Akre Capital Management LLC now owns 19,219,290 shares of the company’s stock worth $1,188,713,000 after buying an additional 125,269 shares in the last quarter. Norges Bank bought a new position in shares of Brookfield during the 2nd quarter valued at approximately $1,040,160,000. Mackenzie Financial Corp increased its holdings in Brookfield by 1.6% in the 2nd quarter. Mackenzie Financial Corp now owns 16,319,256 shares of the company’s stock worth $1,010,616,000 after acquiring an additional 249,913 shares in the last quarter. Bank of Nova Scotia raised its stake in Brookfield by 13.3% during the 2nd quarter. Bank of Nova Scotia now owns 13,263,185 shares of the company’s stock worth $820,569,000 after acquiring an additional 1,556,042 shares during the period. Finally, Geode Capital Management LLC raised its stake in Brookfield by 19.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,882,122 shares of the company’s stock worth $679,852,000 after acquiring an additional 1,770,378 shares during the period. Institutional investors own 61.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BN shares. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Brookfield in a research note on Monday, December 1st. Zacks Research upgraded Brookfield from a “strong sell” rating to a “hold” rating in a research note on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Brookfield in a report on Monday, December 29th. CIBC reaffirmed an “outperform” rating and issued a $52.00 price objective (up previously from $50.67) on shares of Brookfield in a research note on Friday, November 14th. Finally, Morgan Stanley set a $54.00 target price on Brookfield and gave the stock an “overweight” rating in a research report on Monday, October 13th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Brookfield presently has an average rating of “Buy” and an average target price of $53.87.

Brookfield Trading Up 0.8%

Shares of Brookfield stock opened at $46.66 on Friday. Brookfield Corporation has a twelve month low of $29.07 and a twelve month high of $49.56. The company has a quick ratio of 1.19, a current ratio of 1.31 and a debt-to-equity ratio of 1.54. The business has a 50-day moving average price of $46.21 and a 200-day moving average price of $45.27. The firm has a market cap of $115.57 billion, a price-to-earnings ratio of 129.61 and a beta of 1.58.

Brookfield (NYSE:BN) last posted its earnings results on Thursday, November 13th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Brookfield had a return on equity of 3.92% and a net margin of 1.34%. Equities research analysts anticipate that Brookfield Corporation will post 3.85 EPS for the current fiscal year.

Brookfield Announces Dividend

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

Brookfield Profile

Brookfield Corporation (NYSE:BN) is a global alternative asset manager that specializes in real assets. The company invests in and operates businesses across real estate, infrastructure, renewable power and energy, private equity and credit. Its activities span both ownership and active management of physical assets as well as the operation of investment funds and vehicles that provide institutional and retail investors access to long‑lived, cash‑generating assets.

Brookfield’s services include asset management, direct investing, property development and the operation of infrastructure and energy businesses.