BlackRock (NYSE:BLK) Stock: Insider Rachel Lord Sells 7,000 Shares

BlackRock (NYSE:BLK) Director Rachel Lord sold 7,000 shares of the company’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $1,219.55, for a total value of $8,536,850.00. Following the sale, the director owned 6,065 shares of the company’s stock, valued at $7,396,570.75. This trade represents a 53.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

BlackRock Price Performance

Shares of BLK stock opened at $1,221.82 on Friday. BlackRock has a 1-year low of $917.39 and a 1-year high of $1,242.12. The stock’s 50-day moving average is $1,113.42 and its 200 day moving average is $1,067.86. The company has a market cap of $188.67 billion, a P/E ratio of 27.78, a PEG ratio of 1.26 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.44 and a quick ratio of 3.44.

BlackRock (NYSE:BLK) last announced its earnings results on Wednesday, October 14th. The asset manager reported $15.93 EPS for the quarter, topping analysts’ consensus estimates of $14.32 by $1.61. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.42 billion. BlackRock had a net margin of 24.22% and a return on equity of 15.60%. The firm’s revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the company posted $8.43 earnings per share. Research analysts predict that BlackRock will post 57.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BlackRock

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in BlackRock in the 2nd quarter worth approximately $9,747,857,000. Temasek Holdings Private Ltd increased its stake in BlackRock by 4.7% during the 1st quarter. Temasek Holdings Private Ltd now owns 5,330,492 shares of the asset manager’s stock valued at $5,126,387,000 after purchasing an additional 237,667 shares in the last quarter. Bank of America Corp DE increased its stake in BlackRock by 0.7% during the 1st quarter. Bank of America Corp DE now owns 5,232,973 shares of the asset manager’s stock valued at $5,032,603,000 after purchasing an additional 35,069 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of BlackRock by 23.3% in the second quarter. Wellington Management Group LLP now owns 4,495,074 shares of the asset manager’s stock worth $4,322,283,000 after buying an additional 850,406 shares during the last quarter. Finally, Santa Clara Valley Transportation Authority purchased a new position in shares of BlackRock in the second quarter worth $129,138,253,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Key BlackRock News

These are some of the BLK news items that stood out recently:

• Positive Sentiment: BlackRock’s private-markets expansion, acquisitions and record $15.49 trillion in assets under management are cited as growth drivers. The caveat: rising expenses could temper the benefit. Article: BlackRock’s Private Markets Expansion
• Negative Sentiment: Investors pulled $269.7 million from BlackRock’s iShares Bitcoin Trust (IBIT) on Wednesday, bringing outflows to more than $2 billion over nine sessions. Sustained redemptions could weigh on the fund’s assets and related fee revenue. Article: BlackRock Bitcoin ETF outflows hit $2B
• Negative Sentiment: Director Rachel Lord sold 7,000 shares, cutting her reported stake by 53.58%. The filing does not explain the reason for the sale, but insider selling can weigh on sentiment. SEC filing: BlackRock Form 4

Wall Street Analyst Weigh In

Several research firms recently commented on BLK. The Goldman Sachs Group reduced their price objective on shares of BlackRock from $1,389.00 to $1,346.00 and set a “buy” rating for the company in a research note on Friday, October 2nd. BMO Capital Markets raised their target price on shares of BlackRock from $1,300.00 to $1,350.00 and gave the company an “outperform” rating in a research note on Monday, October 19th. Zacks Research lowered shares of BlackRock from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Bank of America reduced their price target on BlackRock from $1,320.00 to $1,287.00 in a research report on Monday, October 5th. Finally, TD Cowen upgraded BlackRock from a “hold” rating to a “buy” rating and increased their price objective for the company from $1,212.00 to $1,405.00 in a report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,342.25.

About BlackRock

BlackRock, Inc. is a global investment management and financial technology company serving individuals, institutions, governments and other organizations. Founded in 1988, the company is headquartered in New York City and operates in markets around the world. BlackRock offers investment products and services across asset classes, including equities, fixed income, cash management and alternative investments. Its offerings include exchange-traded funds and other funds under the iShares brand, as well as portfolio management, investment advisory and risk management services.