BlackRock Inc. (BLK) Shares Sold by JPMorgan Chase & Co.
JPMorgan Chase & Co. cut its stake in shares of BlackRock Inc. (NYSE:BLK) by 9.2% during the third quarter, Holdings Channel reports. The institutional investor owned 3,061,545 shares of the company’s stock after selling 310,789 shares during the period. JPMorgan Chase & Co.’s holdings in BlackRock were worth $1,109,688,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in BLK. Capital Fund Management S.A. raised its position in shares of BlackRock by 1,742.8% in the second quarter. Capital Fund Management S.A. now owns 31,327 shares of the company’s stock valued at $10,730,000 after buying an additional 29,627 shares during the last quarter. USS Investment Management Ltd raised its position in shares of BlackRock by 5.7% in the second quarter. USS Investment Management Ltd now owns 29,600 shares of the company’s stock valued at $10,138,000 after buying an additional 1,600 shares during the last quarter. Windward Capital Management Co. CA raised its position in shares of BlackRock by 0.8% in the second quarter. Windward Capital Management Co. CA now owns 44,866 shares of the company’s stock valued at $15,368,000 after buying an additional 363 shares during the last quarter. Bartlett & Co. LLC raised its position in shares of BlackRock by 3.7% in the second quarter. Bartlett & Co. LLC now owns 83,210 shares of the company’s stock valued at $28,502,000 after buying an additional 2,944 shares during the last quarter. Finally, LS Investment Advisors LLC raised its position in shares of BlackRock by 2.2% in the second quarter. LS Investment Advisors LLC now owns 38,951 shares of the company’s stock valued at $13,342,000 after buying an additional 849 shares during the last quarter. 80.70% of the stock is owned by hedge funds and other institutional investors.
BlackRock Inc. (NYSE:BLK) opened at 368.65 on Tuesday. The firm has a market capitalization of $60.41 billion, a P/E ratio of 19.37 and a beta of 1.65. The company’s 50-day moving average price is $356.56 and its 200-day moving average price is $358.44. BlackRock Inc. has a 1-year low of $280.55 and a 1-year high of $380.30.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Tuesday, October 18th. The company reported $5.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.98 by $0.16. BlackRock had a return on equity of 11.04% and a net margin of 28.59%. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the business posted $5.00 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts expect that BlackRock Inc. will post $19.25 earnings per share for the current fiscal year.
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BLK has been the topic of several recent analyst reports. Vetr upgraded BlackRock from a “hold” rating to a “buy” rating and set a $382.97 price target on the stock in a research note on Wednesday, August 10th. Citigroup Inc. restated a “buy” rating and set a $400.00 price objective on shares of BlackRock in a research report on Monday, October 10th. Deutsche Bank AG boosted their price objective on BlackRock from $412.00 to $418.00 and gave the stock a “buy” rating in a research report on Wednesday, October 5th. Zacks Investment Research upgraded BlackRock from a “hold” rating to a “buy” rating and set a $410.00 price objective on the stock in a research report on Monday, September 19th. Finally, Goldman Sachs Group Inc. lowered BlackRock from a “conviction-buy” rating to a “buy” rating and boosted their price objective for the stock from $390.00 to $400.00 in a research report on Monday, August 8th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. BlackRock presently has an average rating of “Buy” and a consensus price target of $387.80.
In related news, Director William S. Demchak acquired 1,200 shares of BlackRock stock in a transaction dated Thursday, October 27th. The shares were purchased at an average cost of $341.11 per share, with a total value of $409,332.00. Following the completion of the purchase, the director now owns 1,200 shares of the company’s stock, valued at $409,332. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeff A. Smith sold 125 shares of the firm’s stock in a transaction dated Wednesday, October 19th. The shares were sold at an average price of $355.22, for a total value of $44,402.50. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
BlackRock, Inc is an investment management company. The Company provides a range of investment and risk management services to institutional and retail clients across the world. Its offerings include single and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.
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