Sitrin Capital Management LLC Purchases 560 Shares of BlackRock $BLK

Sitrin Capital Management LLC raised its position in shares of BlackRock (NYSE:BLK) by 10.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 5,987 shares of the asset manager’s stock after acquiring an additional 560 shares during the quarter. BlackRock comprises 3.2% of Sitrin Capital Management LLC’s holdings, making the stock its 15th biggest holding. Sitrin Capital Management LLC’s holdings in BlackRock were worth $6,282,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fairway Wealth LLC grew its holdings in BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 13 shares during the period. Game Plan Financial Advisors LLC grew its holdings in BlackRock by 100.0% during the first quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 15 shares during the period. Garde Capital Inc. grew its holdings in BlackRock by 200.0% during the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 18 shares during the period. Cheviot Value Management LLC bought a new position in BlackRock during the first quarter valued at $30,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of BlackRock during the first quarter worth $31,000. 80.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Laurence Fink sold 12,054 shares of the firm’s stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the sale, the chief executive officer directly owned 251,697 shares of the company’s stock, valued at $283,267,354.71. This trade represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director J. Richard Kushel sold 17,142 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the sale, the director directly owned 61,369 shares in the company, valued at $68,763,964.50. The trade was a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock valued at $74,694,573 over the last three months. Company insiders own 1.98% of the company’s stock.

BlackRock Trading Down 0.2%

NYSE BLK opened at $1,163.72 on Thursday. The stock’s 50-day simple moving average is $1,132.82 and its two-hundred day simple moving average is $1,032.16. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,184.13. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $180.21 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 2.20 and a beta of 1.45.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, topping the consensus estimate of $10.41 by $1.64. The firm had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.36 earnings per share. Research analysts forecast that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were paid a $5.21 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. BlackRock’s dividend payout ratio (DPR) is presently 50.39%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Citigroup increased their target price on BlackRock from $1,200.00 to $1,350.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Evercore ISI increased their target price on BlackRock from $1,170.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Friday, September 5th. UBS Group restated a “neutral” rating and set a $980.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. JPMorgan Chase & Co. increased their target price on BlackRock from $1,093.00 to $1,242.00 and gave the stock a “neutral” rating in a research report on Thursday, October 2nd. Finally, Barclays increased their target price on BlackRock from $1,210.00 to $1,310.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, BlackRock has a consensus rating of “Moderate Buy” and a consensus price target of $1,254.47.

About BlackRock

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.