Chevy Chase Trust Holdings Inc. Sells 2,922 Shares of BlackRock Inc. (BLK)
Chevy Chase Trust Holdings Inc. decreased its position in BlackRock Inc. (NYSE:BLK) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,315 shares of the company’s stock after selling 2,922 shares during the period. Chevy Chase Trust Holdings Inc. owned 0.07% of BlackRock worth $39,983,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the company. Nuveen Asset Management LLC increased its position in shares of BlackRock by 0.6% in the first quarter. Nuveen Asset Management LLC now owns 8,552 shares of the company’s stock worth $2,912,000 after buying an additional 52 shares in the last quarter. LPL Financial LLC increased its stake in BlackRock by 3.2% in the first quarter. LPL Financial LLC now owns 22,230 shares of the company’s stock valued at $7,444,000 after buying an additional 691 shares during the period. Panagora Asset Management Inc. increased its stake in BlackRock by 35.5% in the first quarter. Panagora Asset Management Inc. now owns 43,299 shares of the company’s stock valued at $14,746,000 after buying an additional 11,346 shares during the period. Eachwin Capital LP bought a new stake in BlackRock during the first quarter valued at $3,092,000. Finally, Arizona State Retirement System increased its stake in BlackRock by 2.1% in the first quarter. Arizona State Retirement System now owns 47,542 shares of the company’s stock valued at $16,191,000 after buying an additional 1,000 shares during the period. 80.66% of the stock is owned by institutional investors and hedge funds.
Shares of BlackRock Inc. (NYSE:BLK) opened at 372.78 on Friday. The stock has a 50 day moving average of $353.24 and a 200 day moving average of $357.41. BlackRock Inc. has a 52-week low of $280.55 and a 52-week high of $380.30. The company has a market cap of $61.08 billion, a price-to-earnings ratio of 19.58 and a beta of 1.65.
BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, October 18th. The company reported $5.14 earnings per share for the quarter, beating analysts’ consensus estimates of $4.98 by $0.16. The business earned $2.84 billion during the quarter, compared to analyst estimates of $1.01 billion. BlackRock had a net margin of 28.59% and a return on equity of 11.04%. BlackRock’s revenue was down 2.5% compared to the same quarter last year. During the same period last year, the business earned $5.00 EPS. On average, equities research analysts expect that BlackRock Inc. will post $19.26 EPS for the current year.
Several equities research analysts have weighed in on BLK shares. Deutsche Bank AG lifted their price target on shares of BlackRock from $392.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Jefferies Group reaffirmed a “hold” rating on shares of BlackRock in a research note on Friday, August 5th. Goldman Sachs Group Inc. downgraded shares of BlackRock from a “conviction-buy” rating to a “buy” rating and lifted their price target for the company from $390.00 to $400.00 in a research note on Monday, August 8th. Barclays PLC lifted their price target on shares of BlackRock from $353.00 to $364.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 9th. Finally, Zacks Investment Research raised shares of BlackRock from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $387.80.
In other BlackRock news, Director James Grosfeld sold 25,710 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $372.97, for a total transaction of $9,589,058.70. Following the completion of the sale, the director now directly owns 514,402 shares in the company, valued at approximately $191,856,513.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction 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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