Brookfield Asset Management Inc (NYSE:BAM) Shares Sold by Candriam Luxembourg S.C.A.

Candriam Luxembourg S.C.A. reduced its stake in Brookfield Asset Management Inc (NYSE:BAM) (TSE:BAM.A) by 20.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 65,494 shares of the financial services provider’s stock after selling 17,329 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Brookfield Asset Management were worth $2,566,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Partners Value Investments LP bought a new position in Brookfield Asset Management during the first quarter valued at $222,335,000. CIBC Asset Management Inc boosted its position in Brookfield Asset Management by 58.7% in the second quarter. CIBC Asset Management Inc now owns 9,445,056 shares of the financial services provider’s stock valued at $370,221,000 after buying an additional 3,491,780 shares during the period. Cooke & Bieler LP bought a new position in Brookfield Asset Management during the first quarter valued at $76,545,000. OMERS ADMINISTRATION Corp boosted its position in Brookfield Asset Management by 47.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,435,723 shares of the financial services provider’s stock valued at $198,186,000 after buying an additional 1,738,408 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Brookfield Asset Management by 306.2% in the second quarter. Russell Investments Group Ltd. now owns 2,220,656 shares of the financial services provider’s stock valued at $86,913,000 after buying an additional 1,673,944 shares during the period. Institutional investors own 53.95% of the company’s stock.

Shares of Brookfield Asset Management Inc (NYSE:BAM) opened at 38.99 on Thursday. Brookfield Asset Management Inc has a 1-year low of $32.04 and a 1-year high of $40.09. The stock’s 50 day moving average price is $39.06 and its 200-day moving average price is $37.38. The stock has a market cap of $37.37 billion, a price-to-earnings ratio of 31.27 and a beta of 1.03.

Brookfield Asset Management (NYSE:BAM) (TSE:BAM.A) last posted its quarterly earnings data on Thursday, May 11th. The financial services provider reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.26. Brookfield Asset Management had a net margin of 5.39% and a return on equity of 2.12%. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.02 billion. During the same quarter in the previous year, the firm earned $0.69 EPS. Brookfield Asset Management’s revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts forecast that Brookfield Asset Management Inc will post $1.32 earnings per share for the current year.

Brookfield Asset Management announced that its Board of Directors has authorized a stock buyback program on Friday, May 19th that permits the company to repurchase 82,960,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

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Several research analysts recently weighed in on BAM shares. Keefe, Bruyette & Woods restated a “buy” rating and issued a $45.00 price objective on shares of Brookfield Asset Management in a research report on Friday, May 12th. BidaskClub upgraded shares of Brookfield Asset Management from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Royal Bank Of Canada upped their price objective on shares of Brookfield Asset Management from $41.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday, May 12th. ValuEngine cut shares of Brookfield Asset Management from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Scotiabank upped their price objective on shares of Brookfield Asset Management from $41.75 to $42.50 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $41.69.

Brookfield Asset Management Company Profile

Brookfield Asset Management Inc is an alternative asset manager. The Company operates in eight segments. The Asset Management segment manages its listed partnerships, private funds and public markets on behalf of its clients. The Property segment includes the ownership, operation and development of office, retail and other properties.

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