GatePass Capital LLC Purchases 46,450 Shares of Brookfield Corporation $BN

Key Points

• GatePass Capital LLC increased its Brookfield Corporation stake by 580.6% in the first quarter, buying 46,450 additional shares to bring its total to 54,450 shares valued at about $2.2 million.
• Several other institutional investors also raised their positions in Brookfield, and institutional ownership stands at 61.60% of the company’s stock.
• Analysts remain generally positive on BN, with a Moderate Buy consensus and an average price target of $56.82, even after the stock traded down 1.5% to $43.63.

GatePass Capital LLC lifted its position in Brookfield Corporation (NYSE:BN - Free Report) by 580.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,450 shares of the company's stock after buying an additional 46,450 shares during the period. Brookfield makes up about 1.0% of GatePass Capital LLC's portfolio, making the stock its 23rd largest position. GatePass Capital LLC's holdings in Brookfield were worth $2,204,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of BN. Truvestments Capital LLC grew its holdings in Brookfield by 49.9% in the fourth quarter. Truvestments Capital LLC now owns 640 shares of the company's stock worth $29,000 after purchasing an additional 213 shares during the last quarter. Meadow Creek Wealth Advisors LLC boosted its position in shares of Brookfield by 2.3% in the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,308 shares of the company's stock worth $417,000 after purchasing an additional 234 shares in the last quarter. Hilltop National Bank boosted its position in shares of Brookfield by 49.9% in the 4th quarter. Hilltop National Bank now owns 724 shares of the company's stock worth $33,000 after purchasing an additional 241 shares in the last quarter. New England Capital Financial Advisors LLC grew its stake in Brookfield by 50.2% during the 4th quarter. New England Capital Financial Advisors LLC now owns 751 shares of the company's stock worth $34,000 after buying an additional 251 shares during the last quarter. Finally, ST Germain D J Co. Inc. grew its stake in Brookfield by 49.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 811 shares of the company's stock worth $37,000 after buying an additional 270 shares during the last quarter. Institutional investors own 61.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on BN shares. Scotia increased their price target on Brookfield from $48.50 to $53.00 and gave the company a "sector outperform" rating in a research note on Friday, May 15th. National Bank Financial upped their price objective on shares of Brookfield from $58.00 to $60.00 and gave the company an "outperform" rating in a report on Friday, May 15th. TD increased their price objective on shares of Brookfield from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, May 19th. TD Securities reiterated a "buy" rating and issued a $60.00 target price on shares of Brookfield in a research note on Tuesday, May 19th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Brookfield in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Brookfield currently has a consensus rating of "Moderate Buy" and an average price target of $56.82.

Brookfield Stock Down 1.5%

BN stock opened at $43.63 on Friday. The company has a market capitalization of $106.96 billion, a P/E ratio of 85.56 and a beta of 1.54. Brookfield Corporation has a 12 month low of $37.93 and a 12 month high of $49.56. The firm's fifty day simple moving average is $44.54 and its 200-day simple moving average is $44.50. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.32 and a quick ratio of 1.20.

Brookfield Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 15th. Brookfield's dividend payout ratio is presently 54.90%.

Brookfield Profile

Brookfield Corporation NYSE: BN is a global alternative asset manager that specializes in real assets. The company invests in and operates businesses across real estate, infrastructure, renewable power and energy, private equity and credit. Its activities span both ownership and active management of physical assets as well as the operation of investment funds and vehicles that provide institutional and retail investors access to long‑lived, cash‑generating assets.

Brookfield's services include asset management, direct investing, property development and the operation of infrastructure and energy businesses.

Want to see what other hedge funds are holding BN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brookfield Corporation (NYSE:BN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.