Redmond Asset Management LLC decreased its position in Brookfield Infrastructure Co. (NYSE:BIPC – Free Report) by 17.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 82,588 shares of the company’s stock after selling 18,050 shares during the period. Redmond Asset Management LLC’s holdings in Brookfield Infrastructure were worth $2,941,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in shares of Brookfield Infrastructure in the second quarter valued at approximately $14,071,000. Royal Bank of Canada lifted its stake in shares of Brookfield Infrastructure by 8.2% during the first quarter. Royal Bank of Canada now owns 3,814,402 shares of the company’s stock valued at $150,746,000 after buying an additional 288,349 shares during the period. Credit Industriel ET Commercial acquired a new stake in Brookfield Infrastructure during the first quarter worth approximately $9,234,000. Evergreen Capital Management LLC boosted its position in Brookfield Infrastructure by 335.3% during the third quarter. Evergreen Capital Management LLC now owns 219,822 shares of the company’s stock worth $7,828,000 after acquiring an additional 169,324 shares during the last quarter. Finally, TD Waterhouse Canada Inc. boosted its position in Brookfield Infrastructure by 8.8% during the second quarter. TD Waterhouse Canada Inc. now owns 2,010,191 shares of the company’s stock worth $76,964,000 after acquiring an additional 162,994 shares during the last quarter. Institutional investors and hedge funds own 70.38% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on the company. Morgan Stanley lowered their price objective on Brookfield Infrastructure from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Tuesday, October 13th. Wall Street Zen upgraded Brookfield Infrastructure from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings downgraded Brookfield Infrastructure from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Two analysts have rated the stock with a Sell rating. According to MarketBeat.com, Brookfield Infrastructure currently has a consensus rating of “Sell” and an average price target of $48.00.
View Our Latest Stock Report on Brookfield Infrastructure
Brookfield Infrastructure Stock Down 0.3%
BIPC opened at $36.90 on Thursday. Brookfield Infrastructure Co. has a 52-week low of $34.18 and a 52-week high of $51.72. The company has a 50 day moving average of $37.10 and a two-hundred day moving average of $41.13. The company has a market cap of $4.54 billion, a P/E ratio of 30.85 and a beta of 1.33.
Brookfield Infrastructure (NYSE:BIPC – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported ($0.56) EPS for the quarter. The business had revenue of $940.00 million during the quarter.
Brookfield Infrastructure Profile
Brookfield Infrastructure Corporation (NYSE: BIPC) is an infrastructure company created by Brookfield Infrastructure to provide investors with a corporate ownership structure for an interest in its global infrastructure operations. BIPC has economic exposure to the same underlying business as Brookfield Infrastructure Partners, while its shares are structured as a corporation rather than a partnership.
The company’s operations span several infrastructure sectors, including utilities, transport, midstream infrastructure and data infrastructure.
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