Norges Bank Makes New Investment in Brookfield Corporation $BN

Norges Bank purchased a new position in shares of Brookfield Corporation (NYSE:BN) during the fourth quarter, Holdings Channel.com reports. The fund purchased 26,740,100 shares of the company’s stock, valued at approximately $1,227,555,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BN. Vanguard Group Inc. raised its position in shares of Brookfield by 52.1% during the 4th quarter. Vanguard Group Inc. now owns 92,103,120 shares of the company’s stock worth $4,228,915,000 after buying an additional 31,543,313 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Brookfield by 8,784.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 18,747,973 shares of the company’s stock worth $860,344,000 after buying an additional 18,536,964 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Brookfield by 27.9% during the 4th quarter. Principal Financial Group Inc. now owns 65,050,624 shares of the company’s stock worth $2,985,224,000 after buying an additional 14,200,710 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Brookfield by 61.0% during the 4th quarter. Geode Capital Management LLC now owns 19,679,423 shares of the company’s stock worth $913,592,000 after buying an additional 7,459,189 shares in the last quarter. Finally, Lone Pine Capital LLC raised its position in shares of Brookfield by 81.1% during the 3rd quarter. Lone Pine Capital LLC now owns 10,181,348 shares of the company’s stock worth $698,237,000 after buying an additional 4,559,963 shares in the last quarter. 61.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Brookfield from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Scotia boosted their target price on shares of Brookfield from $48.50 to $53.00 and gave the stock a “sector outperform” rating in a report on Friday, May 15th. National Bank Financial boosted their target price on shares of Brookfield from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. JPMorgan Chase & Co. boosted their target price on shares of Brookfield from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Brookfield in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.82.

Brookfield Stock Down 1.1%

BN stock opened at $45.60 on Friday. Brookfield Corporation has a 52-week low of $37.83 and a 52-week high of $49.56. The company’s 50 day simple moving average is $43.83 and its 200-day simple moving average is $44.90. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.32 and a quick ratio of 1.20. The firm has a market capitalization of $111.74 billion, a P/E ratio of 89.40 and a beta of 1.55.

Brookfield Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, June 15th. Brookfield’s dividend payout ratio is currently 54.90%.

Brookfield Company 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.