Pinnacle Associates Ltd. Has $43.17 Million Stake in BlackRock $BLK

Pinnacle Associates Ltd. trimmed its holdings in shares of BlackRock (NYSE:BLK) by 1.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 41,143 shares of the asset manager’s stock after selling 648 shares during the period. Pinnacle Associates Ltd.’s holdings in BlackRock were worth $43,169,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BLK. Fairway Wealth LLC increased its position in BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock worth $28,000 after buying an additional 13 shares during the last quarter. Game Plan Financial Advisors LLC increased its position in BlackRock by 100.0% during the first quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock worth $28,000 after buying an additional 15 shares during the last quarter. Garde Capital Inc. increased its position in BlackRock by 200.0% during the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock worth $28,000 after buying an additional 18 shares during the last quarter. Cheviot Value Management LLC bought a new stake in BlackRock during the first quarter valued at about $30,000. Finally, Whipplewood Advisors LLC boosted its holdings in BlackRock by 107.1% during the second quarter. Whipplewood Advisors LLC now owns 29 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 15 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at BlackRock

In related news, Director Rachel Lord sold 12,000 shares of the stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total value of $13,980,480.00. Following the completion of the transaction, the director owned 7,205 shares of the company’s stock, valued at $8,394,113.20. This represents a 62.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.98% of the stock is owned by company insiders.

BlackRock Stock Down 0.1%

NYSE BLK opened at $1,096.92 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The firm has a 50-day simple moving average of $1,138.25 and a 200 day simple moving average of $1,059.80. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,219.94. The stock has a market cap of $169.86 billion, a PE ratio of 28.21, a PEG ratio of 1.90 and a beta of 1.45.

BlackRock (NYSE:BLK) last released its earnings results on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The company had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter in the previous year, the business posted $11.46 EPS. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. On average, research analysts forecast that BlackRock will post 47.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BLK. BNP Paribas Exane upped their price target on shares of BlackRock from $1,160.00 to $1,265.00 and gave the company an “outperform” rating in a report on Thursday, October 9th. The Goldman Sachs Group upped their price target on shares of BlackRock from $1,163.00 to $1,312.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Jefferies Financial Group upped their price target on shares of BlackRock from $1,196.00 to $1,325.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Weiss Ratings restated a “buy (b)” rating on shares of BlackRock in a report on Thursday. Finally, Argus upped their price target on shares of BlackRock from $1,165.00 to $1,330.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, BlackRock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,299.29.

BlackRock 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.