BlackRock’s (BLK) Overweight Rating Reiterated at Morgan Stanley
BlackRock, Inc. (NYSE:BLK)‘s stock had its “overweight” rating restated by equities researchers at Morgan Stanley in a report released on Monday, July 10th. They currently have a $460.00 price objective on the asset manager’s stock, up from their previous price objective of $422.00. Morgan Stanley’s price target would suggest a potential upside of 7.51% from the stock’s current price.
Several other research firms have also recently issued reports on BLK. Deutsche Bank AG reiterated a “buy” rating and issued a $441.00 price target (down previously from $449.00) on shares of BlackRock in a report on Saturday, April 22nd. BidaskClub upgraded BlackRock from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 1st. Bank of America Corporation reiterated a “buy” rating and issued a $450.00 price target on shares of BlackRock in a report on Monday, June 19th. Zacks Investment Research upgraded BlackRock from a “hold” rating to a “buy” rating and set a $480.00 price target on the stock in a report on Tuesday, June 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $387.00 price target on shares of BlackRock in a report on Wednesday, May 17th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $434.93.
BlackRock (BLK) traded up 0.32% on Monday, reaching $427.87. 279,476 shares of the company’s stock traded hands. The stock has a 50-day moving average of $427.11 and a 200 day moving average of $397.31. BlackRock has a 52 week low of $336.84 and a 52 week high of $442.83. The firm has a market capitalization of $69.40 billion, a P/E ratio of 20.54 and a beta of 1.71.
BlackRock (NYSE:BLK) last announced its earnings results on Monday, July 17th. The asset manager reported $5.24 EPS for the quarter, missing the consensus estimate of $5.39 by $0.15. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.01 billion. BlackRock had a return on equity of 11.79% and a net margin of 29.92%. BlackRock’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.78 EPS. On average, equities analysts expect that BlackRock will post $21.84 EPS for the current fiscal year.
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In related news, insider Mark Mccombe sold 500 shares of BlackRock stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $405.98, for a total value of $202,990.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeff A. Smith sold 250 shares of BlackRock stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total value of $108,717.50. The disclosure for this sale can be found here. In the last three months, insiders sold 3,772 shares of company stock worth $1,567,516. 1.86% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in BlackRock during the fourth quarter worth $3,254,686,000. BlackRock Inc. increased its position in BlackRock by 2,775.4% in the first quarter. BlackRock Inc. now owns 6,541,505 shares of the asset manager’s stock worth $2,508,733,000 after buying an additional 6,314,004 shares in the last quarter. Harbour Capital Advisors LLC increased its position in BlackRock by 38,807.6% in the second quarter. Harbour Capital Advisors LLC now owns 1,203,024 shares of the asset manager’s stock worth $2,848,000 after buying an additional 1,199,932 shares in the last quarter. UBS Group AG increased its position in BlackRock by 40.2% in the first quarter. UBS Group AG now owns 1,696,340 shares of the asset manager’s stock worth $650,563,000 after buying an additional 486,502 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in BlackRock by 3.3% in the first quarter. Vanguard Group Inc. now owns 7,794,209 shares of the asset manager’s stock worth $2,989,157,000 after buying an additional 250,431 shares in the last quarter. Hedge funds and other institutional investors own 80.37% of the company’s stock.
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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