BlackRock (NYSE:BLK) Price Target Cut to $525.00

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BlackRock (NYSE:BLK) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $527.00 to $525.00 in a report issued on Monday, BenzingaRatingsTable reports. The firm currently has an “overweight” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 9.96% from the stock’s current price.

Several other brokerages also recently weighed in on BLK. Citigroup boosted their price objective on T. Rowe Price Group from $98.00 to $108.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Barclays downgraded Barrick Gold from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $15.00 to $18.00 in a report on Tuesday, July 16th. Zacks Investment Research downgraded GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 2nd. Wells Fargo & Co restated a “buy” rating on shares of Morgan Stanley in a report on Wednesday, April 17th. Finally, UBS Group upped their target price on T. Rowe Price Group from $109.00 to $111.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $499.03.

Shares of BLK stock opened at $477.46 on Monday. The company has a quick ratio of 3.49, a current ratio of 3.49 and a debt-to-equity ratio of 0.83. BlackRock has a fifty-two week low of $360.79 and a fifty-two week high of $513.00. The company has a 50 day moving average of $463.38. The company has a market capitalization of $74.15 billion, a P/E ratio of 17.73, a P/E/G ratio of 1.71 and a beta of 1.52.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Friday, July 19th. The asset manager reported $6.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $6.52 by ($0.11). BlackRock had a net margin of 30.25% and a return on equity of 13.23%. The company had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the previous year, the firm posted $6.66 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities analysts forecast that BlackRock will post 27.66 EPS for the current year.

In other news, insider Jeff A. Smith sold 150 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $478.29, for a total transaction of $71,743.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Laurence Fink sold 31,250 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $481.79, for a total value of $15,055,937.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,475 shares of company stock worth $15,163,636. Corporate insiders own 1.42% of the company’s stock.

Several large investors have recently made changes to their positions in BLK. Norges Bank bought a new position in shares of BlackRock during the fourth quarter valued at $1,092,934,000. Pennsylvania Trust Co lifted its holdings in shares of BlackRock by 5,049.8% during the first quarter. Pennsylvania Trust Co now owns 1,084,132 shares of the asset manager’s stock valued at $44,805,000 after purchasing an additional 1,063,080 shares in the last quarter. Thoroughbred Financial Services LLC lifted its holdings in shares of BlackRock by 50,843.9% during the second quarter. Thoroughbred Financial Services LLC now owns 485,495 shares of the asset manager’s stock valued at $48,550,000 after purchasing an additional 484,542 shares in the last quarter. FIL Ltd lifted its holdings in shares of BlackRock by 46.9% during the first quarter. FIL Ltd now owns 416,673 shares of the asset manager’s stock valued at $178,073,000 after purchasing an additional 132,984 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in BlackRock by 8,025.3% in the fourth quarter. Millennium Management LLC now owns 120,904 shares of the asset manager’s stock valued at $47,494,000 after acquiring an additional 119,416 shares during the period. 81.31% of the stock is currently owned by hedge funds and other institutional investors.

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.

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