Traders Sell BlackRock (BLK) on Strength on Analyst Downgrade

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Investors sold shares of BlackRock, Inc. (NYSE:BLK) on strength during trading hours on Wednesday after Argus lowered their price target on the stock from $620.00 to $535.00. $158.36 million flowed into the stock on the tick-up and $197.92 million flowed out of the stock on the tick-down, for a money net flow of $39.56 million out of the stock. Of all stocks tracked, BlackRock had the 25th highest net out-flow for the day. BlackRock traded up $3.85 for the day and closed at $411.85

BLK has been the subject of several other research reports. JPMorgan Chase & Co. set a $547.00 price target on shares of BlackRock and gave the stock a “buy” rating in a report on Sunday, July 8th. Morgan Stanley reduced their price objective on shares of BlackRock from $624.00 to $607.00 and set an “overweight” rating for the company in a research report on Thursday, July 12th. Keefe, Bruyette & Woods upgraded shares of BlackRock from a “market perform” rating to an “outperform” rating and set a $590.00 price objective for the company in a research report on Friday, July 13th. Barclays reduced their price objective on shares of BlackRock from $615.00 to $595.00 and set an “overweight” rating for the company in a research report on Tuesday, July 17th. Finally, Goldman Sachs Group reduced their price objective on shares of BlackRock to $570.00 and set a “buy” rating for the company in a research report on Tuesday, July 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $569.08.

In related news, Director William E. Ford acquired 1,000 shares of BlackRock stock in a transaction dated Thursday, August 2nd. The stock was acquired at an average price of $467.92 per share, for a total transaction of $467,920.00. Following the transaction, the director now owns 5,400 shares of the company’s stock, valued at $2,526,768. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.75% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the company. Clarus Wealth Advisors purchased a new stake in BlackRock in the 2nd quarter valued at $133,000. Canton Hathaway LLC purchased a new stake in BlackRock in the 3rd quarter valued at $146,000. AlphaMark Advisors LLC purchased a new stake in BlackRock in the 2nd quarter valued at $147,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in BlackRock in the 2nd quarter valued at $150,000. Finally, Kaizen Advisory LLC raised its position in BlackRock by 156.7% in the 2nd quarter. Kaizen Advisory LLC now owns 308 shares of the asset manager’s stock valued at $154,000 after purchasing an additional 188 shares during the last quarter. Institutional investors and hedge funds own 82.80% of the company’s stock.

The stock has a market cap of $75.22 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 1.46 and a beta of 1.55. The company has a current ratio of 3.87, a quick ratio of 3.87 and a debt-to-equity ratio of 0.88.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Tuesday, October 16th. The asset manager reported $7.52 EPS for the quarter, beating the consensus estimate of $6.93 by $0.59. BlackRock had a net margin of 38.97% and a return on equity of 13.20%. The firm had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the prior year, the firm earned $5.76 EPS. BlackRock’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, analysts expect that BlackRock, Inc. will post 27.74 earnings per share for the current year.

BlackRock Company Profile (NYSE:BLK)

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.

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