Bank of America Corp DE Sells 469,615 Shares of Brookfield Infrastructure Co. $BIPC

Key Points

• Bank of America cut its Brookfield Infrastructure stake by 10.3%, selling 469,615 shares and retaining 4.09 million shares valued at approximately $161.5 million. Institutional investors collectively own 70.38% of BIPC.
• Brookfield Infrastructure shares opened at $40.24, near the 50-day average of $40.31 and below the 200-day average of $42.59. The stock has traded between $34.18 and $51.72 over the past year, with a market capitalization of $4.95 billion.
• Analyst sentiment remains negative: BIPC has an average “Sell” rating and a consensus price target of $48.00, despite one analyst upgrading the stock to “Hold.”

Bank of America Corp DE reduced its stake in Brookfield Infrastructure Co. (NYSE:BIPC - Free Report) by 10.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 4,086,691 shares of the company's stock after selling 469,615 shares during the quarter. Bank of America Corp DE owned 3.32% of Brookfield Infrastructure worth $161,506,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC purchased a new position in shares of Brookfield Infrastructure in the first quarter worth about $257,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Brookfield Infrastructure by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,451 shares of the company's stock valued at $2,586,000 after acquiring an additional 3,125 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Brookfield Infrastructure by 285.9% in the 1st quarter. NewEdge Advisors LLC now owns 10,250 shares of the company's stock worth $371,000 after buying an additional 7,594 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Brookfield Infrastructure by 752.7% during the 1st quarter. Jones Financial Companies Lllp now owns 9,431 shares of the company's stock worth $341,000 after acquiring an additional 8,325 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Brookfield Infrastructure by 1.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,043,808 shares of the company's stock valued at $37,775,000 after purchasing an additional 18,648 shares during the last quarter. 70.38% of the stock is owned by institutional investors.

Brookfield Infrastructure Stock Performance

NYSE BIPC opened at $40.24 on Thursday. The stock has a 50-day moving average of $40.31 and a 200 day moving average of $42.59. Brookfield Infrastructure Co. has a one year low of $34.18 and a one year high of $51.72. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 30.85 and a beta of 1.32.

Brookfield Infrastructure (NYSE:BIPC - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported ($0.56) earnings per share for the quarter. The company had revenue of $940.00 million for the quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Brookfield Infrastructure in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Brookfield Infrastructure from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Morgan Stanley reissued an "underweight" rating and issued a $48.00 target price on shares of Brookfield Infrastructure in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of "Sell" and a consensus target price of $48.00.

Brookfield Infrastructure Profile

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.

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