GLOBALT Investments LLC GA Reduces Position in BlackRock $BLK

GLOBALT Investments LLC GA cut its position in shares of BlackRock (NYSE:BLK) by 4.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 992 shares of the asset manager’s stock after selling 45 shares during the period. GLOBALT Investments LLC GA’s holdings in BlackRock were worth $1,041,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BLK. Fairway Wealth LLC boosted its stake in shares of BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock worth $28,000 after purchasing an additional 13 shares during the period. Game Plan Financial Advisors LLC boosted its position in BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock valued at $28,000 after buying an additional 15 shares during the period. Garde Capital Inc. boosted its position in BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock valued at $28,000 after buying an additional 18 shares during the period. Cheviot Value Management LLC purchased a new stake in BlackRock in the 1st quarter valued at about $30,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in BlackRock in the 1st quarter valued at about $31,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

BlackRock Price Performance

Shares of BLK opened at $1,138.60 on Friday. The company has a 50 day moving average price of $1,139.57 and a 200-day moving average price of $1,051.77. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,219.94. The stock has a market capitalization of $176.31 billion, a PE ratio of 29.28, a PEG ratio of 1.95 and a beta of 1.45. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The business had revenue of $6.51 billion during the quarter, compared to analysts’ expectations of $6.22 billion. During the same period in the previous year, the company posted $11.46 EPS. BlackRock’s revenue for the quarter was up 25.2% on a year-over-year basis. Equities analysts predict that BlackRock will post 47.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BLK has been the subject of several research reports. UBS Group reissued a “hold” rating on shares of BlackRock in a research report on Tuesday. Argus boosted their price objective on shares of BlackRock from $1,165.00 to $1,330.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Morgan Stanley boosted their price objective on shares of BlackRock from $1,362.00 to $1,486.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of BlackRock in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company lowered their price target on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating for the company in a research report on Wednesday, July 16th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,299.29.

Insider Buying and Selling

In other news, Director J. Richard Kushel sold 17,142 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the sale, the director owned 61,369 shares of the company’s stock, valued at $68,763,964.50. This trade represents a 21.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rachel Lord sold 12,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $1,165.04, for a total value of $13,980,480.00. Following the completion of the sale, the director directly owned 7,205 shares of the company’s stock, valued at $8,394,113.20. The trade was a 62.48% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

BlackRock Profile

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.