Connor Clark & Lunn Investment Management Ltd. Sells 1,042,615 Shares of Brookfield Co. (NYSE:BN)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in Brookfield Co. (NYSE:BN) by 15.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,838,483 shares of the company’s stock after selling 1,042,615 shares during the period. Brookfield makes up 1.5% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 16th biggest position. Connor Clark & Lunn Investment Management Ltd.’s holdings in Brookfield were worth $310,050,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BN. Blue Trust Inc. lifted its stake in shares of Brookfield by 62.8% in the 2nd quarter. Blue Trust Inc. now owns 705 shares of the company’s stock valued at $30,000 after acquiring an additional 272 shares during the last quarter. Kings Path Partners LLC bought a new position in Brookfield in the second quarter valued at about $31,000. First Personal Financial Services acquired a new stake in shares of Brookfield during the third quarter valued at about $42,000. Family Firm Inc. bought a new stake in shares of Brookfield during the second quarter worth about $36,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Brookfield by 63.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,159 shares of the company’s stock worth $48,000 after purchasing an additional 450 shares during the last quarter. Institutional investors own 61.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BN shares. Keefe, Bruyette & Woods lifted their target price on shares of Brookfield from $44.00 to $46.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. lifted their price target on shares of Brookfield from $49.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. BMO Capital Markets restated an “outperform” rating and issued a $62.00 price objective (up from $50.00) on shares of Brookfield in a report on Friday, November 15th. TD Securities lifted their target price on Brookfield from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Scotiabank increased their price target on Brookfield from $65.00 to $69.00 and gave the company a “sector outperform” rating in a research note on Friday, November 15th. Two 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 has an average rating of “Moderate Buy” and a consensus target price of $55.31.

Brookfield Stock Performance

BN stock opened at $56.78 on Wednesday. The firm has a market cap of $93.50 billion, a PE ratio of 120.81 and a beta of 1.53. The company has a current ratio of 1.17, a quick ratio of 1.03 and a debt-to-equity ratio of 1.40. The stock has a 50-day moving average price of $53.84 and a 200-day moving average price of $47.96. Brookfield Co. has a 1-year low of $33.61 and a 1-year high of $60.20.

Brookfield Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.56%. The ex-dividend date is Monday, December 16th. Brookfield’s dividend payout ratio (DPR) is presently 68.09%.

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.