Private Asset Management Inc. Cuts Stake in BlackRock, Inc. (BLK)

Private Asset Management Inc. lessened its position in shares of BlackRock, Inc. (NYSE:BLK) by 56.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,505 shares of the asset manager’s stock after selling 1,936 shares during the period. Private Asset Management Inc.’s holdings in BlackRock were worth $1,505,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Intl Fcstone Inc. purchased a new stake in shares of BlackRock during the 2nd quarter worth approximately $383,000. Lord Abbett & CO. LLC lifted its position in shares of BlackRock by 22.0% during the 2nd quarter. Lord Abbett & CO. LLC now owns 180,141 shares of the asset manager’s stock worth $76,093,000 after buying an additional 32,541 shares during the last quarter. RNC Capital Management LLC lifted its position in shares of BlackRock by 3.1% during the 2nd quarter. RNC Capital Management LLC now owns 72,416 shares of the asset manager’s stock worth $30,589,000 after buying an additional 2,173 shares during the last quarter. WFG Advisors LP lifted its position in shares of BlackRock by 66.6% during the 2nd quarter. WFG Advisors LP now owns 1,096 shares of the asset manager’s stock worth $463,000 after buying an additional 438 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new stake in shares of BlackRock during the 2nd quarter worth approximately $345,000. Institutional investors own 82.44% of the company’s stock.

Shares of BlackRock, Inc. (BLK) traded up 0.75% during midday trading on Friday, reaching $477.03. 164,529 shares of the company were exchanged. The firm’s 50 day moving average is $449.71 and its 200-day moving average is $421.21. BlackRock, Inc. has a 52-week low of $337.15 and a 52-week high of $489.79. The company has a market capitalization of $77.09 billion, a PE ratio of 22.34 and a beta of 1.72.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Wednesday, October 11th. The asset manager reported $5.92 EPS for the quarter, topping analysts’ consensus estimates of $5.49 by $0.43. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.10 billion. BlackRock had a return on equity of 12.09% and a net margin of 29.52%. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the company earned $5.14 earnings per share. On average, equities analysts forecast that BlackRock, Inc. will post $22.36 earnings per share for the current fiscal year.

Several analysts have recently weighed in on the stock. Jefferies Group LLC restated a “hold” rating and set a $440.00 price objective on shares of BlackRock in a research report on Friday, August 18th. Morgan Stanley restated an “overweight” rating and set a $476.00 price objective (up previously from $460.00) on shares of BlackRock in a research report on Tuesday, July 18th. Deutsche Bank AG upped their price target on shares of BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a research report on Tuesday, July 4th. Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $501.00 price target for the company in a research report on Tuesday, October 3rd. Finally, BidaskClub downgraded shares of BlackRock from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $489.08.

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In other news, insider Robert W. Fairbairn sold 3,675 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total transaction of $1,526,264.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark Mccombe sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, October 12th. The shares were sold at an average price of $478.99, for a total value of $478,990.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,775 shares of company stock worth $2,053,412. 1.86% of the stock is currently owned by company insiders.

BlackRock Company Profile

BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.

Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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