Engineers Gate Manager LP Acquires 33,573 Shares of Brookfield Corporation $BN

Key Points

• Engineers Gate Manager LP increased its Brookfield stake by 388.8% in the second quarter, acquiring 33,573 additional shares and bringing its holdings to 42,209 shares valued at approximately $1.8 million.
• Analysts maintain a generally positive outlook, with Brookfield receiving a consensus rating of “Moderate Buy” and an average price target of $57.40; recent targets range from $54 to $61.
• Brookfield beat quarterly EPS expectations, reporting $0.66 versus the $0.62 consensus estimate, and declared a quarterly dividend of $0.07 per share, equal to a 0.8% annualized yield.

Engineers Gate Manager LP grew its holdings in Brookfield Corporation (NYSE:BN - Free Report) by 388.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,209 shares of the company's stock after purchasing an additional 33,573 shares during the quarter. Engineers Gate Manager LP's holdings in Brookfield were worth $1,798,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MCF Advisors LLC bought a new position in Brookfield in the fourth quarter worth approximately $26,000. Entrust Financial LLC bought a new position in shares of Brookfield in the 4th quarter worth $35,000. Delta Asset Management LLC TN raised its position in shares of Brookfield by 49.8% in the 4th quarter. Delta Asset Management LLC TN now owns 935 shares of the company's stock worth $43,000 after acquiring an additional 311 shares in the last quarter. Commonwealth Retirement Investments LLC purchased a new stake in shares of Brookfield during the 4th quarter worth $44,000. Finally, Seneschal Advisors LLC boosted its position in Brookfield by 49.9% during the fourth quarter. Seneschal Advisors LLC now owns 1,012 shares of the company's stock valued at $46,000 after purchasing an additional 337 shares in the last quarter. 61.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BN has been the subject of a number of recent research reports. TD Securities reiterated a "buy" rating and issued a $60.00 target price on shares of Brookfield in a report on Tuesday, May 19th. Weiss Ratings restated a "hold (c)" rating on shares of Brookfield in a report on Wednesday, June 24th. TD boosted their price objective on shares of Brookfield from $60.00 to $61.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. BMO Capital Markets raised shares of Brookfield to a "strong-buy" rating in a research report on Monday, July 27th. Finally, Scotiabank reaffirmed an "outperform" rating and issued a $54.00 price target (up from $53.00) on shares of Brookfield in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.40.

Brookfield Price Performance

Shares of NYSE BN opened at $37.12 on Wednesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.22 and a current ratio of 1.34. The company has a market cap of $91.00 billion, a PE ratio of 67.48 and a beta of 1.53. The business has a 50-day simple moving average of $42.04 and a two-hundred day simple moving average of $43.01. Brookfield Corporation has a fifty-two week low of $37.02 and a fifty-two week high of $49.56.

Brookfield (NYSE:BN - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.04. Brookfield had a net margin of 1.85% and a return on equity of 3.93%. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.66 billion. As a group, equities analysts expect that Brookfield Corporation will post 2.93 EPS for the current fiscal year.

Brookfield Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, September 14th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, September 14th. Brookfield's payout ratio is currently 50.91%.

About Brookfield

Brookfield Corporation NYSE: BN is a global investment and asset management company that owns and operates businesses across real estate, renewable power and transition, infrastructure, and private equity. Through its operating platforms and investments, the company is involved in assets such as office, retail, multifamily and logistics properties; hydroelectric, wind and solar facilities; transportation, data and utility infrastructure; and companies in industries including industrials, technology and business services.

Brookfield also maintains a significant interest in Brookfield Asset Management, an alternative asset manager that manages capital for institutional and individual investors.

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