Scotia Capital Inc. grew its holdings in Brookfield Infrastructure Partners L.P. (NYSE:BIP) (TSE:BIP.UN) by 7.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,259,396 shares of the utilities provider’s stock after purchasing an additional 164,790 shares during the period. Brookfield Infrastructure Partners comprises about 1.2% of Scotia Capital Inc.’s investment portfolio, making the stock its 22nd biggest holding. Scotia Capital Inc. owned 0.81% of Brookfield Infrastructure Partners worth $96,640,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of BIP. Gradient Investments LLC increased its position in shares of Brookfield Infrastructure Partners by 40.0% in the 2nd quarter. Gradient Investments LLC now owns 1,050 shares of the utilities provider’s stock valued at $45,000 after acquiring an additional 300 shares during the period. Coastal Investment Advisors Inc. raised its stake in shares of Brookfield Infrastructure Partners by 266.7% in the second quarter. Coastal Investment Advisors Inc. now owns 1,100 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 800 shares during the last quarter. Sandy Spring Bank acquired a new stake in shares of Brookfield Infrastructure Partners during the first quarter worth about $48,000. Glen Harbor Capital Management LLC purchased a new stake in Brookfield Infrastructure Partners in the second quarter valued at approximately $54,000. Finally, Tyers Asset Management LLC purchased a new stake in shares of Brookfield Infrastructure Partners in the 2nd quarter valued at $75,000. Hedge funds and other institutional investors own 46.42% of the company’s stock.
BIP stock traded up $0.40 on Wednesday, reaching $47.67. The company’s stock had a trading volume of 200,887 shares, compared to its average volume of 300,459. Brookfield Infrastructure Partners L.P. has a 52 week low of $32.26 and a 52 week high of $48.79. The company has a market capitalization of $13.24 billion, a P/E ratio of 80.80, a price-to-earnings-growth ratio of 1.01 and a beta of 0.85. The firm has a fifty day moving average of $45.43 and a two-hundred day moving average of $42.74.
The company also recently declared a dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be given a $0.502 dividend. The ex-dividend date is Thursday, August 29th. Brookfield Infrastructure Partners’s dividend payout ratio is 340.68%.
Several brokerages recently weighed in on BIP. TD Securities lifted their price target on Brookfield Infrastructure Partners from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Bank of America boosted their price objective on shares of Brookfield Infrastructure Partners from $43.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Zacks Investment Research cut shares of Brookfield Infrastructure Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Credit Suisse Group assumed coverage on Brookfield Infrastructure Partners in a research note on Thursday, July 18th. They set a “neutral” rating and a $47.50 target price for the company. Finally, Raymond James boosted their price target on Brookfield Infrastructure Partners from $49.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $47.41.
About Brookfield Infrastructure Partners
Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, energy, and data infrastructure businesses. The Utilities segment operates approximately 2,000 kilometers (km) of natural gas transportation pipelines in the states of Rio de Janeiro, Sao Paulo, and Minas Gerais; approximately 2,200 km of electricity transmission lines in North and South America; and approximately 6.6 million electricity and natural gas connections and 1.1 million smart meters, as well as operates metallurgical coal export terminals.
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