Brown Brothers Harriman & Co. Trims Stake in Brookfield Co. (NYSE:BN)

Brown Brothers Harriman & Co. reduced its holdings in shares of Brookfield Co. (NYSE:BN) by 1.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,917 shares of the company’s stock after selling 390 shares during the period. Brown Brothers Harriman & Co.’s holdings in Brookfield were worth $1,450,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortis Group Advisors LLC increased its stake in shares of Brookfield by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 674 shares of the company’s stock worth $27,000 after purchasing an additional 337 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Brookfield by 62.8% in the second quarter. Blue Trust Inc. now owns 705 shares of the company’s stock worth $30,000 after purchasing an additional 272 shares in the last quarter. Kings Path Partners LLC purchased a new position in Brookfield during the second quarter valued at $31,000. Family Firm Inc. purchased a new position in Brookfield during the second quarter valued at $36,000. Finally, Salem Investment Counselors Inc. purchased a new position in Brookfield during the first quarter valued at $42,000. 61.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BN has been the subject of several research analyst reports. Royal Bank of Canada cut their target price on shares of Brookfield from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. BMO Capital Markets raised their target price on shares of Brookfield from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, September 11th. TD Securities raised their target price on shares of Brookfield from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Keefe, Bruyette & Woods raised their target price on shares of Brookfield from $44.00 to $46.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, Scotiabank raised their target price on shares of Brookfield from $50.50 to $51.25 and gave the company a “sector outperform” rating in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.59.

Brookfield Price Performance

BN stock opened at $50.41 on Tuesday. Brookfield Co. has a 52 week low of $28.84 and a 52 week high of $50.46. The company has a quick ratio of 1.03, a current ratio of 1.20 and a debt-to-equity ratio of 1.39. The company has a fifty day simple moving average of $46.93 and a two-hundred day simple moving average of $43.62. The firm has a market capitalization of $82.86 billion, a P/E ratio of 82.64 and a beta of 1.53.

Brookfield (NYSE:BN) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.35 EPS for the quarter, beating the consensus estimate of $0.78 by $0.57. The business had revenue of $23.05 billion during the quarter, compared to analyst estimates of $1.24 billion. Brookfield had a net margin of 1.13% and a return on equity of 3.67%. Brookfield’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.75 earnings per share. Analysts anticipate that Brookfield Co. will post 3.84 earnings per share for the current fiscal year.

Brookfield Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 12th will be issued a $0.08 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.32 annualized dividend and a dividend yield of 0.63%. Brookfield’s dividend payout ratio (DPR) is presently 52.46%.

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.