Waldron Private Wealth LLC Decreases Stake in BlackRock $BLK

Waldron Private Wealth LLC reduced its holdings in BlackRock (NYSE:BLK) by 7.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 542 shares of the asset manager’s stock after selling 45 shares during the period. Waldron Private Wealth LLC’s holdings in BlackRock were worth $569,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. MQS Management LLC lifted its stake in shares of BlackRock by 3.3% in the second quarter. MQS Management LLC now owns 310 shares of the asset manager’s stock worth $325,000 after buying an additional 10 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its stake in shares of BlackRock by 4.8% in the second quarter. Linden Thomas Advisory Services LLC now owns 528 shares of the asset manager’s stock worth $554,000 after buying an additional 24 shares in the last quarter. Graybill Wealth Management LTD. lifted its stake in shares of BlackRock by 2.8% in the second quarter. Graybill Wealth Management LTD. now owns 6,629 shares of the asset manager’s stock worth $6,955,000 after buying an additional 183 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its stake in shares of BlackRock by 1.8% in the second quarter. Kornitzer Capital Management Inc. KS now owns 1,289 shares of the asset manager’s stock worth $1,352,000 after buying an additional 23 shares in the last quarter. Finally, Burke & Herbert Bank & Trust Co. lifted its stake in shares of BlackRock by 9.1% in the second quarter. Burke & Herbert Bank & Trust Co. now owns 759 shares of the asset manager’s stock worth $796,000 after buying an additional 63 shares in the last quarter. 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 Monday. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,219.94. The stock has a market cap of $176.32 billion, a PE ratio of 29.28, a P/E/G ratio of 1.97 and a beta of 1.45. The firm has a 50-day simple moving average of $1,139.57 and a two-hundred day simple moving average of $1,054.51. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick 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 analysts’ consensus estimates of $11.78 by ($0.23). BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The company had revenue of $6.51 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same quarter in the prior year, the business earned $11.46 earnings per share. BlackRock’s revenue was up 25.2% on a year-over-year basis. As a group, analysts forecast that BlackRock will post 47.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BLK. Jefferies Financial Group lifted their target price on shares of BlackRock from $1,196.00 to $1,325.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. UBS Group reaffirmed a “hold” rating on shares of BlackRock in a research note on Tuesday, October 21st. Wells Fargo & Company reduced their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Argus lifted their target price on shares of BlackRock from $1,165.00 to $1,330.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Finally, The Goldman Sachs Group lifted their target price on shares of BlackRock from $1,163.00 to $1,312.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,299.29.

Insider Transactions at BlackRock

In related news, Director Rachel Lord sold 12,000 shares of BlackRock stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total value of $13,980,480.00. Following the completion of the transaction, the director owned 7,205 shares in the company, valued at approximately $8,394,113.20. The trade was a 62.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of BlackRock stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. 1.98% of the stock is owned by company insiders.

BlackRock Company 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.