The Manufacturers Life Insurance Company Sells 29,023 Shares of Brookfield Infrastructure Co. $BIPC

The Manufacturers Life Insurance Company cut its holdings in shares of Brookfield Infrastructure Co. (NYSE:BIPC) by 25.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 85,080 shares of the company’s stock after selling 29,023 shares during the period. The Manufacturers Life Insurance Company’s holdings in Brookfield Infrastructure were worth $3,360,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Brookfield Infrastructure by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 6,022,513 shares of the company’s stock worth $273,407,000 after acquiring an additional 31,529 shares in the last quarter. Bank of Montreal Can grew its position in shares of Brookfield Infrastructure by 10.3% in the 4th quarter. Bank of Montreal Can now owns 5,289,204 shares of the company’s stock valued at $240,120,000 after purchasing an additional 492,354 shares during the period. Bank of America Corp DE grew its position in shares of Brookfield Infrastructure by 10.3% in the 3rd quarter. Bank of America Corp DE now owns 4,346,550 shares of the company’s stock valued at $178,730,000 after purchasing an additional 406,485 shares during the period. Morgan Stanley increased its stake in Brookfield Infrastructure by 33.3% during the 4th quarter. Morgan Stanley now owns 4,165,872 shares of the company’s stock worth $189,131,000 after purchasing an additional 1,041,474 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Brookfield Infrastructure by 2.1% during the 4th quarter. Principal Financial Group Inc. now owns 3,489,975 shares of the company’s stock worth $158,446,000 after purchasing an additional 71,814 shares in the last quarter. 70.38% of the stock is owned by institutional investors and hedge funds.

Brookfield Infrastructure Stock Performance

Shares of Brookfield Infrastructure stock opened at $39.37 on Friday. The firm has a market cap of $4.84 billion, a PE ratio of 30.85 and a beta of 1.32. The business’s 50 day simple moving average is $40.21 and its 200 day simple moving average is $42.53. Brookfield Infrastructure Co. has a 52-week low of $34.18 and a 52-week high of $51.72.

Brookfield Infrastructure (NYSE:BIPC) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.56) earnings per share for the quarter. The business had revenue of $940.00 million during the quarter.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Brookfield Infrastructure from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Morgan Stanley restated an “underweight” rating and set a $48.00 price objective on shares of Brookfield Infrastructure in a report on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Brookfield Infrastructure in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Sell rating, According to MarketBeat, Brookfield Infrastructure has an average rating of “Sell” and an average price target of $48.00.

About Brookfield Infrastructure

Brookfield Infrastructure (NYSE: BIPC) is a global owner, operator and investor in essential infrastructure assets. As the corporate class of Brookfield Infrastructure Partners L.P., the company provides exposure to a diversified portfolio spanning utilities, transport, energy midstream and data infrastructure. Its holdings generate stable cash flows underpinned by regulated or long-term contracted revenue streams.

Since its formation in 2008 and U.S. listing in 2017, Brookfield Infrastructure has pursued a disciplined strategy of acquiring and managing high-quality infrastructure businesses.