Intact Investment Management Inc. Sells 209,900 Shares of Brookfield Corporation (NYSE:BN)

Intact Investment Management Inc. trimmed its position in Brookfield Corporation (NYSE:BN) by 31.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 458,700 shares of the company’s stock after selling 209,900 shares during the period. Intact Investment Management Inc.’s holdings in Brookfield were worth $24,009,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Strategic Wealth Partners Ltd. boosted its stake in shares of Brookfield by 1.7% in the 4th quarter. Strategic Wealth Partners Ltd. now owns 10,229 shares of the company’s stock worth $618,000 after buying an additional 170 shares during the last quarter. Haverford Trust Co lifted its stake in Brookfield by 4.7% in the fourth quarter. Haverford Trust Co now owns 4,308 shares of the company’s stock valued at $247,000 after purchasing an additional 192 shares during the last quarter. Orion Portfolio Solutions LLC lifted its stake in Brookfield by 1.2% in the fourth quarter. Orion Portfolio Solutions LLC now owns 16,616 shares of the company’s stock valued at $955,000 after purchasing an additional 197 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in shares of Brookfield by 5.8% during the fourth quarter. Citizens Financial Group Inc. RI now owns 4,350 shares of the company’s stock worth $250,000 after acquiring an additional 240 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Brookfield by 2.7% during the fourth quarter. Fisher Asset Management LLC now owns 9,873 shares of the company’s stock worth $567,000 after acquiring an additional 255 shares in the last quarter. Institutional investors and hedge funds own 61.60% of the company’s stock.

Brookfield Stock Down 1.1%

BN opened at $58.85 on Friday. The stock has a market cap of $96.99 billion, a PE ratio of 210.19 and a beta of 1.66. 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 52 week low of $40.04 and a 52 week high of $62.78. The business’s fifty day simple moving average is $56.11 and its 200 day simple moving average is $56.15.

Brookfield (NYSE:BN) last released its earnings results on Thursday, May 8th. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.08. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Brookfield had a return on equity of 4.20% and a net margin of 0.76%. As a group, research analysts expect 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 will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.09 per share. The ex-dividend date is Friday, June 13th. This represents a $0.36 annualized dividend and a yield of 0.61%. Brookfield’s payout ratio is 128.57%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BN. Wall Street Zen upgraded Brookfield from a “sell” rating to a “hold” rating in a research report on Sunday, June 8th. Morgan Stanley restated an “overweight” rating on shares of Brookfield in a research report on Monday, May 19th. Royal Bank Of Canada began coverage on Brookfield in a research report on Wednesday. They set an “outperform” rating and a $81.00 target price on the stock. CIBC dropped their target price on Brookfield from $74.00 to $72.00 and set an “outperformer” rating on the stock in a research report on Friday, May 9th. Finally, TD Securities decreased their price target on shares of Brookfield from $77.00 to $74.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.