Private Management Group Inc. Sells 7,363 Shares of Brookfield Corporation (NYSE:BN)

Key Points

• Private Management Group Inc. reduced its stake in Brookfield Corporation by 1.3% during the first quarter, owning 576,650 shares now valued at approximately $30.2 million.
• Analysts have set a consensus target price of $66.13 for Brookfield, with ratings indicating a moderate buy, while several investment firms have adjusted their target prices downward.
• Brookfield's recent quarterly earnings report revealed an EPS of $0.98, surpassing expectations, and the company recently declared a quarterly dividend with a yield of 0.53%.

Private Management Group Inc. decreased its holdings in shares of Brookfield Corporation (NYSE:BN - Free Report) by 1.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 576,650 shares of the company's stock after selling 7,363 shares during the period. Brookfield accounts for about 1.1% of Private Management Group Inc.'s portfolio, making the stock its 29th largest position. Private Management Group Inc.'s holdings in Brookfield were worth $30,222,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in Brookfield during the first quarter worth approximately $26,000. North Capital Inc. acquired a new stake in Brookfield in the first quarter valued at approximately $27,000. ST Germain D J Co. Inc. bought a new position in Brookfield during the 1st quarter worth approximately $28,000. CoreCap Advisors LLC acquired a new position in Brookfield during the 4th quarter valued at about $29,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Brookfield by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 592 shares of the company's stock valued at $31,000 after acquiring an additional 296 shares during the period. 61.60% of the stock is currently owned by hedge funds and other institutional investors.

Brookfield Trading Up 0.2%

BN stock traded up $0.14 during mid-day trading on Friday, hitting $67.59. 1,569,512 shares of the company were exchanged, compared to its average volume of 2,290,698. The business has a fifty day simple moving average of $61.11 and a 200-day simple moving average of $57.16. The company has a quick ratio of 1.18, a current ratio of 1.30 and a debt-to-equity ratio of 1.49. Brookfield Corporation has a 12-month low of $42.21 and a 12-month high of $68.75. The firm has a market capitalization of $111.43 billion, a P/E ratio of 241.38 and a beta of 1.66.

Brookfield (NYSE:BN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.90 by $0.08. Brookfield had a net margin of 0.76% and a return on equity of 4.20%. The business had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.36 billion. On average, equities research analysts predict that Brookfield Corporation will post 3.85 earnings per share for the current fiscal year.

Brookfield Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.09 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.53%. Brookfield's payout ratio is 128.57%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BN shares. JPMorgan Chase & Co. lowered their price target on Brookfield from $66.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wall Street Zen downgraded Brookfield from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. TD Securities decreased their price objective on Brookfield from $77.00 to $74.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Scotiabank dropped their price target on Brookfield from $71.00 to $68.00 and set a "sector outperform" rating on the stock in a research note on Monday, April 7th. Finally, Royal Bank Of Canada initiated coverage on shares of Brookfield in a report on Wednesday, June 18th. They issued an "outperform" rating and a $81.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $66.13.

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.