Groesbeck Investment Management Corp NJ Cuts Stake in BlackRock, Inc. (NYSE:BLK)

Groesbeck Investment Management Corp NJ lessened its stake in shares of BlackRock, Inc. (NYSE:BLK) by 22.3% during the third quarter, HoldingsChannel.com reports. The fund owned 800 shares of the asset manager’s stock after selling 230 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in BlackRock were worth $760,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Redmont Wealth Advisors LLC purchased a new position in shares of BlackRock in the first quarter worth approximately $27,000. Fairscale Capital LLC purchased a new position in shares of BlackRock in the second quarter worth $31,000. Chilton Capital Management LLC purchased a new stake in BlackRock during the first quarter valued at $38,000. MFA Wealth Advisors LLC raised its stake in BlackRock by 100.0% during the third quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 20 shares in the last quarter. Finally, Olistico Wealth LLC purchased a new stake in BlackRock during the second quarter valued at $53,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Morgan Stanley boosted their price objective on shares of BlackRock from $1,150.00 to $1,245.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Argus increased their price objective on shares of BlackRock from $880.00 to $910.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Citigroup raised their price objective on shares of BlackRock from $920.00 to $930.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. TD Cowen raised their price objective on BlackRock from $960.00 to $1,077.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on BlackRock from $912.00 to $937.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $995.31.

BlackRock Stock Down 1.0 %

Shares of BLK stock traded down $9.93 during trading hours on Friday, hitting $974.07. 433,666 shares of the company were exchanged, compared to its average volume of 573,772. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.06 and a current ratio of 5.06. BlackRock, Inc. has a one year low of $596.18 and a one year high of $1,032.00. The business’s 50-day simple moving average is $926.47 and its two-hundred day simple moving average is $842.59. The stock has a market capitalization of $144.75 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 1.94 and a beta of 1.30.

BlackRock (NYSE:BLK) last issued its earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.42 by $1.04. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter last year, the company posted $10.91 earnings per share. BlackRock’s revenue was up 14.9% on a year-over-year basis. Sell-side analysts predict that BlackRock, Inc. will post 41.73 EPS for the current fiscal year.

Insider Buying and Selling at BlackRock

In related news, CEO Laurence Fink sold 29,450 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total transaction of $24,833,712.50. Following the transaction, the chief executive officer now owns 353,718 shares in the company, valued at $298,272,703.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Laurence Fink sold 29,450 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total value of $24,833,712.50. Following the completion of the transaction, the chief executive officer now owns 353,718 shares of the company’s stock, valued at approximately $298,272,703.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pamela Daley sold 1,531 shares of BlackRock stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $842.08, for a total transaction of $1,289,224.48. Following the sale, the director now directly owns 5,732 shares of the company’s stock, valued at $4,826,802.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,042 shares of company stock worth $56,857,777. 0.90% of the stock is owned by company insiders.

About BlackRock

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.