EdgePoint Investment Group Inc. Sells 3,348,364 Shares of Brookfield Co. (NYSE:BN)

EdgePoint Investment Group Inc. lowered its holdings in Brookfield Co. (NYSE:BN - Free Report) by 29.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 8,164,453 shares of the company's stock after selling 3,348,364 shares during the quarter. Brookfield makes up about 3.7% of EdgePoint Investment Group Inc.'s investment portfolio, making the stock its 14th largest holding. EdgePoint Investment Group Inc. owned approximately 0.50% of Brookfield worth $468,663,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BN. Vanguard Group Inc. boosted its holdings in shares of Brookfield by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 59,904,458 shares of the company's stock valued at $3,443,129,000 after buying an additional 974,533 shares in the last quarter. Capital World Investors lifted its holdings in shares of Brookfield by 3.1% during the fourth quarter. Capital World Investors now owns 59,020,303 shares of the company's stock valued at $3,390,786,000 after purchasing an additional 1,782,034 shares during the last quarter. FIL Ltd boosted its position in shares of Brookfield by 8.8% in the 4th quarter. FIL Ltd now owns 20,354,516 shares of the company's stock worth $1,169,912,000 after purchasing an additional 1,640,903 shares in the last quarter. Norges Bank purchased a new stake in shares of Brookfield in the 4th quarter worth approximately $973,591,000. Finally, CIBC Asset Management Inc increased its position in Brookfield by 6.2% during the 4th quarter. CIBC Asset Management Inc now owns 14,178,133 shares of the company's stock valued at $814,585,000 after buying an additional 823,428 shares in the last quarter. Institutional investors own 61.60% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on BN shares. JPMorgan Chase & Co. dropped their target price on Brookfield from $66.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Scotiabank dropped their target price on shares of Brookfield from $71.00 to $68.00 and set a "sector outperform" rating on the stock in a research note on Monday, April 7th. Morgan Stanley decreased their price objective on shares of Brookfield from $83.00 to $61.00 and set an "overweight" rating for the company in a report on Monday, April 14th. TD Securities reduced their target price on Brookfield from $77.00 to $74.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, CIBC lowered their price target on Brookfield from $74.00 to $72.00 and set an "outperformer" rating on the stock in a report on Friday, May 9th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $63.00.

Brookfield Stock Performance

NYSE:BN traded up $0.41 on Wednesday, hitting $59.78. The stock had a trading volume of 1,328,336 shares, compared to its average volume of 2,730,786. The business's 50-day simple moving average is $51.92 and its two-hundred day simple moving average is $55.95. The stock has a market cap of $98.48 billion, a price-to-earnings ratio of 199.27 and a beta of 1.64. Brookfield Co. has a 52-week low of $39.97 and a 52-week high of $62.78. The company has a quick ratio of 1.09, a current ratio of 1.21 and a debt-to-equity ratio of 1.40.

Brookfield (NYSE:BN - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.08. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Brookfield had a net margin of 0.75% and a return on equity of 3.93%. As a group, research analysts predict that Brookfield Co. will post 3.85 earnings per share for the current year.

Brookfield Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date is Friday, June 13th. Brookfield's payout ratio is 128.57%.

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.