Cloverfields Capital Group LP Acquires New Stake in Brookfield Corporation $BN

Cloverfields Capital Group LP acquired a new position in Brookfield Corporation (NYSE:BN) during the first quarter, HoldingsChannel.com reports. The fund acquired 124,362 shares of the company’s stock, valued at approximately $5,033,000. Brookfield accounts for approximately 1.6% of Cloverfields Capital Group LP’s investment portfolio, making the stock its 23rd largest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. Florida Trust Wealth Management Co grew its stake in shares of Brookfield by 49.0% in the 4th quarter. Florida Trust Wealth Management Co now owns 1,176,417 shares of the company’s stock valued at $53,986,000 after buying an additional 387,068 shares during the period. Vanguard Group Inc. lifted its holdings in Brookfield by 52.1% in the fourth quarter. Vanguard Group Inc. now owns 92,103,120 shares of the company’s stock valued at $4,228,915,000 after acquiring an additional 31,543,313 shares during the last quarter. Lincluden Management Ltd. grew its position in Brookfield by 44.2% in the fourth quarter. Lincluden Management Ltd. now owns 763,376 shares of the company’s stock worth $35,031,000 after acquiring an additional 233,997 shares during the period. Baskin Financial Services Inc. increased its stake in Brookfield by 48.9% during the fourth quarter. Baskin Financial Services Inc. now owns 1,353,889 shares of the company’s stock worth $62,149,000 after acquiring an additional 444,872 shares during the last quarter. Finally, Cardinal Capital Management Inc. increased its stake in Brookfield by 42.2% during the fourth quarter. Cardinal Capital Management Inc. now owns 3,077,748 shares of the company’s stock worth $141,238,000 after acquiring an additional 913,603 shares during the last quarter. Institutional investors own 61.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Brookfield from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Scotiabank reaffirmed an “outperform” rating and set a $53.00 target price (up from $48.50) on shares of Brookfield in a research note on Friday, May 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Brookfield in a research report on Wednesday, June 24th. Morgan Stanley set a $59.00 price target on shares of Brookfield and gave the company an “overweight” rating in a research note on Tuesday. Finally, Royal Bank Of Canada lowered their price objective on shares of Brookfield from $63.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Brookfield has an average rating of “Moderate Buy” and an average price target of $56.64.

Brookfield Stock Performance

Shares of BN opened at $41.23 on Friday. The stock has a 50 day moving average price of $44.19 and a 200 day moving average price of $44.36. The company has a quick ratio of 1.20, a current ratio of 1.32 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $101.06 billion, a price-to-earnings ratio of 80.84 and a beta of 1.54. Brookfield Corporation has a 52-week low of $37.93 and a 52-week high of $49.56.

Brookfield Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.7%. Brookfield’s dividend payout ratio (DPR) is currently 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.