Glazer Capital LLC Buys Shares of 740,000 Brookfield Co. (NYSE:BN)

Glazer Capital LLC purchased a new position in Brookfield Co. (NYSE:BN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 740,000 shares of the company’s stock, valued at approximately $30,740,000. Brookfield makes up 2.4% of Glazer Capital LLC’s investment portfolio, making the stock its 12th biggest holding.

A number of other large investors also recently modified their holdings of the business. Gilbert & Cook Inc. raised its holdings in Brookfield by 5.4% during the fourth quarter. Gilbert & Cook Inc. now owns 35,468 shares of the company’s stock worth $1,423,000 after purchasing an additional 1,833 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Brookfield by 5.6% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 119,076 shares of the company’s stock worth $4,777,000 after buying an additional 6,280 shares in the last quarter. Commerce Bank lifted its holdings in shares of Brookfield by 32.3% in the fourth quarter. Commerce Bank now owns 10,480 shares of the company’s stock valued at $420,000 after buying an additional 2,557 shares during the period. Hsbc Holdings PLC boosted its stake in Brookfield by 24.0% during the fourth quarter. Hsbc Holdings PLC now owns 962,751 shares of the company’s stock valued at $38,562,000 after buying an additional 186,148 shares in the last quarter. Finally, United Services Automobile Association raised its position in Brookfield by 14.6% in the fourth quarter. United Services Automobile Association now owns 54,006 shares of the company’s stock worth $2,166,000 after acquiring an additional 6,876 shares in the last quarter. 61.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BN shares. BMO Capital Markets lifted their price objective on shares of Brookfield from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 11th. Royal Bank of Canada reduced their price objective on Brookfield from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their target price on Brookfield from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Keefe, Bruyette & Woods boosted their price objective on Brookfield from $44.00 to $46.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, TD Securities lifted their target price on shares of Brookfield from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.59.

Brookfield Stock Up 0.7 %

BN stock opened at $52.54 on Tuesday. The company has a 50 day moving average of $47.59 and a two-hundred day moving average of $43.96. The company has a quick ratio of 1.03, a current ratio of 1.20 and a debt-to-equity ratio of 1.39. Brookfield Co. has a 12-month low of $28.84 and a 12-month high of $52.71. The company has a market cap of $86.36 billion, a price-to-earnings ratio of 86.13 and a beta of 1.53.

Brookfield (NYSE:BN) last released its quarterly earnings data on Thursday, August 8th. The company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.57. Brookfield had a return on equity of 3.67% and a net margin of 1.13%. The firm had revenue of $23.05 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the firm earned $0.75 earnings per share. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, equities analysts anticipate that Brookfield Co. will post 3.84 earnings per share for the current fiscal year.

Brookfield Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Thursday, September 12th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.61%. The ex-dividend date is Thursday, September 12th. Brookfield’s payout ratio is presently 52.46%.

Brookfield Company Profile

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.