Brookfield Corporation $BN Position Lowered by Cooke & Bieler LP

Key Points

• Cooke & Bieler LP cut its Brookfield stake by 28.2% in the third quarter, selling 980,686 shares and retaining 2.50 million shares valued at approximately $91 million.
• Institutional ownership stands at 61.6%, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $57.40; ratings range from “Strong Buy” to “Strong Sell.”
• Brookfield shares opened at $37.48, near the lower end of their 12-month range, despite the company beating quarterly earnings estimates with $0.66 EPS versus $0.62 expected. The company also pays a quarterly dividend of $0.07 per share, yielding about 0.7%.

Cooke & Bieler LP decreased its holdings in Brookfield Corporation (NYSE:BN - Free Report) by 28.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,496,727 shares of the company's stock after selling 980,686 shares during the period. Cooke & Bieler LP owned approximately 0.10% of Brookfield worth $91,031,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Nova Scotia increased its position in Brookfield by 11.4% in the 1st quarter. Bank of Nova Scotia now owns 15,340,928 shares of the company's stock valued at $621,443,000 after acquiring an additional 1,575,668 shares during the period. TD Waterhouse Canada Inc. boosted its holdings in shares of Brookfield by 3.6% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 14,398,936 shares of the company's stock worth $522,741,000 after buying an additional 495,666 shares in the last quarter. Cardinal Capital Management Inc. boosted its stake in Brookfield by 2.3% during the third quarter. Cardinal Capital Management Inc. now owns 3,321,845 shares of the company's stock worth $121,503,000 after acquiring an additional 74,218 shares in the last quarter. Cannell & Spears LLC grew its stake in shares of Brookfield by 1.6% in the 1st quarter. Cannell & Spears LLC now owns 2,702,625 shares of the company's stock valued at $109,278,000 after buying an additional 42,859 shares during the period. Finally, Amundi grew its stake in Brookfield by 14.1% in the first quarter. Amundi now owns 2,696,723 shares of the company's stock valued at $109,136,000 after acquiring an additional 333,843 shares during the period. 61.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BN has been the topic of a number of recent research reports. Weiss Ratings restated a "hold (c)" rating on shares of Brookfield in a report on Monday, September 21st. Scotia raised their price target on shares of Brookfield from $53.00 to $54.00 and gave the stock a "sector outperform" rating in a research note on Friday, August 14th. TD boosted their price objective on Brookfield from $60.00 to $61.00 and gave the company a "buy" rating in a research note on Friday, August 14th. BMO Capital Markets upgraded Brookfield to a "strong-buy" rating in a research report on Monday, July 27th. Finally, Zacks Research downgraded shares of Brookfield from a "hold" rating to a "strong sell" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $57.40.

Brookfield Price Performance

BN opened at $37.48 on Thursday. The stock has a 50-day moving average price of $38.77 and a 200-day moving average price of $42.33. Brookfield Corporation has a 12-month low of $35.61 and a 12-month high of $49.56. The company has a current ratio of 1.34, a quick ratio of 1.22 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $91.91 billion, a P/E ratio of 68.15 and a beta of 1.56.

Brookfield (NYSE:BN - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.66 billion. Brookfield had a return on equity of 3.93% and a net margin of 1.85%. Equities analysts predict that Brookfield Corporation will post 2.88 earnings per share for the current fiscal year.

Brookfield Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Monday, September 14th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Monday, September 14th. Brookfield's dividend payout ratio (DPR) is presently 50.91%.

About Brookfield

Brookfield Corporation NYSE: BN is a global investment and asset management company headquartered in Toronto, Canada. Through its businesses and investments, the company owns and operates assets across real estate, renewable power and energy transition, infrastructure, private equity and related sectors.

Brookfield's portfolio includes office, retail, residential and logistics properties; renewable power generation and energy-transition projects; transportation, utility and data infrastructure; and operating companies in industries such as business services, industrials and technology.

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