Brookfield Co. (NYSE:BN) Short Interest Down 10.2% in October

Brookfield Co. (NYSE:BN) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 10,130,000 shares, a decline of 10.2% from the October 15th total of 11,280,000 shares. Approximately 0.8% of the shares of the company are short sold. Based on an average daily volume of 1,820,000 shares, the days-to-cover ratio is currently 5.6 days.

Analysts Set New Price Targets

A number of research firms have weighed in on BN. BMO Capital Markets reaffirmed an “outperform” rating and issued a $62.00 price objective (up previously from $50.00) on shares of Brookfield in a report on Friday. Keefe, Bruyette & Woods lifted their price target on Brookfield from $44.00 to $46.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. TD Securities increased their price target on Brookfield from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Royal Bank of Canada dropped their price objective on Brookfield from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Finally, Scotiabank upped their target price on Brookfield from $65.00 to $69.00 and gave the stock a “sector outperform” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.31.

Brookfield Price Performance

Shares of NYSE BN traded up $0.67 during midday trading on Tuesday, hitting $56.78. The stock had a trading volume of 1,102,369 shares, compared to its average volume of 2,776,072. The company has a quick ratio of 1.03, a current ratio of 1.17 and a debt-to-equity ratio of 1.40. Brookfield has a 1 year low of $33.61 and a 1 year high of $60.20. The company has a market capitalization of $93.50 billion, a PE ratio of 119.39 and a beta of 1.53. The stock has a 50 day simple moving average of $53.65 and a 200-day simple moving average of $47.86.

Brookfield Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Monday, December 16th. Brookfield’s payout ratio is 68.09%.

Hedge Funds Weigh In On Brookfield

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Brookfield by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 57,480,308 shares of the company’s stock valued at $2,406,700,000 after acquiring an additional 1,063,110 shares during the last quarter. Capital World Investors lifted its position in Brookfield by 5.1% during the first quarter. Capital World Investors now owns 51,922,031 shares of the company’s stock worth $2,173,923,000 after buying an additional 2,497,509 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in Brookfield by 1.3% during the first quarter. 1832 Asset Management L.P. now owns 22,605,567 shares of the company’s stock worth $946,495,000 after buying an additional 299,029 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Brookfield by 31.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,736,712 shares of the company’s stock valued at $623,783,000 after buying an additional 2,818,716 shares in the last quarter. Finally, EdgePoint Investment Group Inc. increased its stake in shares of Brookfield by 1.7% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 11,512,817 shares of the company’s stock worth $611,383,000 after acquiring an additional 196,790 shares during the last quarter. 61.60% of the stock is owned by hedge funds and other institutional investors.

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.