Private Management Group Inc. Sells 60,829 Shares of Brookfield Corporation $BN

Private Management Group Inc. reduced its position in shares of Brookfield Corporation (NYSE:BN) by 10.6% in the third quarter, Holdings Channel reports. The firm owned 513,933 shares of the company’s stock after selling 60,829 shares during the period. Brookfield comprises approximately 1.0% of Private Management Group Inc.’s holdings, making the stock its 26th biggest position. Private Management Group Inc.’s holdings in Brookfield were worth $35,246,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Triasima Portfolio Management inc. boosted its stake in Brookfield by 9.0% during the third quarter. Triasima Portfolio Management inc. now owns 288,866 shares of the company’s stock valued at $19,825,000 after buying an additional 23,923 shares during the period. PCJ Investment Counsel Ltd. increased its stake in Brookfield by 110.2% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 232,780 shares of the company’s stock worth $15,966,000 after acquiring an additional 122,040 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Brookfield by 49.5% in the 3rd quarter. Citigroup Inc. now owns 667,613 shares of the company’s stock valued at $45,817,000 after acquiring an additional 221,078 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Brookfield by 1.6% in the 3rd quarter. Principal Financial Group Inc. now owns 50,849,914 shares of the company’s stock valued at $3,487,338,000 after acquiring an additional 799,440 shares in the last quarter. Finally, Citizens Financial Group Inc. RI boosted its position in shares of Brookfield by 777.8% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 45,777 shares of the company’s stock valued at $3,139,000 after acquiring an additional 40,562 shares during the last quarter. Hedge funds and other institutional investors own 61.60% of the company’s stock.

Brookfield Price Performance

Shares of Brookfield stock opened at $38.38 on Friday. The firm has a market capitalization of $94.01 billion, a PE ratio of 77.79 and a beta of 1.58. The company has a current ratio of 1.32, a quick ratio of 1.21 and a debt-to-equity ratio of 1.48. Brookfield Corporation has a 12 month low of $29.07 and a 12 month high of $49.56. The business’s 50-day moving average price is $45.60 and its 200-day moving average price is $45.57.

Brookfield (NYSE:BN) last released its earnings results on Thursday, February 12th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Brookfield had a return on equity of 3.87% and a net margin of 1.74%. Sell-side analysts forecast that Brookfield Corporation will post 3.85 EPS for the current fiscal year.

Brookfield Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, March 17th. This is a positive change from Brookfield’s previous quarterly dividend of $0.06. Brookfield’s dividend payout ratio (DPR) is presently 48.98%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BN shares. Weiss Ratings reissued a “hold (c)” rating on shares of Brookfield in a report on Monday, December 29th. Morgan Stanley reiterated an “overweight” rating and set a $60.00 target price on shares of Brookfield in a research report on Tuesday, February 17th. Scotiabank reissued an “outperform” rating and issued a $52.00 price target (up from $49.00) on shares of Brookfield in a research note on Friday, February 13th. Zacks Research raised shares of Brookfield from a “strong sell” rating to a “hold” rating in a report on Monday, January 19th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating on shares of Brookfield in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.59.

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.