Assetmark Inc. Reduces Stock Holdings in BlackRock, Inc. (NYSE:BLK)

by · The Cerbat Gem

Assetmark Inc. reduced its stake in shares of BlackRock, Inc. (NYSE:BLK – Free Report) by 1.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,157 shares of the asset manager’s stock after selling 330 shares during the quarter. Assetmark Inc.’s holdings in BlackRock were worth $16,291,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Fairscale Capital LLC bought a new position in BlackRock in the second quarter worth about $31,000. Reston Wealth Management LLC bought a new position in shares of BlackRock in the 3rd quarter worth approximately $37,000. MFA Wealth Advisors LLC lifted its stake in shares of BlackRock by 100.0% in the 3rd quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 20 shares during the period. Olistico Wealth LLC bought a new stake in shares of BlackRock during the second quarter valued at approximately $53,000. Finally, ORG Partners LLC grew its stake in BlackRock by 257.9% in the second quarter. ORG Partners LLC now owns 68 shares of the asset manager’s stock worth $54,000 after purchasing an additional 49 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Citigroup boosted their target price on shares of BlackRock from $920.00 to $930.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. JPMorgan Chase & Co. upped their price objective on shares of BlackRock from $864.00 to $914.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Morgan Stanley lifted their target price on shares of BlackRock from $1,150.00 to $1,245.00 and gave the company an “overweight” rating in a report on Monday, October 14th. The Goldman Sachs Group raised their price objective on BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, Keefe, Bruyette & Woods boosted their target price on BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, BlackRock has a consensus rating of “Moderate Buy” and a consensus price target of $1,004.54.

Get Our Latest Research Report on BlackRock

BlackRock Stock Up 0.3 %

Shares of BlackRock stock opened at $1,039.28 on Monday. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37. BlackRock, Inc. has a twelve month low of $650.63 and a twelve month high of $1,057.51. The company has a market cap of $153.95 billion, a price-to-earnings ratio of 25.65, a price-to-earnings-growth ratio of 1.85 and a beta of 1.30. The company’s 50 day moving average is $953.10 and its 200 day moving average is $860.88.

BlackRock (NYSE:BLK – Get Free Report) last released its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.42 by $1.04. BlackRock had a return on equity of 15.52% and a net margin of 31.37%. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same period last year, the business posted $10.91 EPS. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. Research analysts anticipate that BlackRock, Inc. will post 42.94 EPS for the current year.

Insider Activity

In related news, Director Mark Wiedman sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the transaction, the director now owns 6,480 shares of the company’s stock, valued at approximately $5,832,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.90% of the company’s stock.

BlackRock Company Profile

(Free Report)

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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