Mirae Asset Global Investments Co. Ltd. Purchases 38,624 Shares of BlackRock $BLK

Mirae Asset Global Investments Co. Ltd. purchased a new position in BlackRock (NYSE:BLK) during the third quarter, Holdings Channel.com reports. The firm purchased 38,624 shares of the asset manager’s stock, valued at approximately $40,875,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Stronghold Wealth Management L.L.C. boosted its position in BlackRock by 2.9% during the first quarter. Stronghold Wealth Management L.L.C. now owns 359 shares of the asset manager’s stock valued at $345,000 after purchasing an additional 10 shares during the last quarter. Financial Management Professionals Inc. increased its position in BlackRock by 1.8% in the 2nd quarter. Financial Management Professionals Inc. now owns 564 shares of the asset manager’s stock worth $542,000 after purchasing an additional 10 shares during the last quarter. JNBA Financial Advisors increased its position in BlackRock by 1.4% in the 2nd quarter. JNBA Financial Advisors now owns 706 shares of the asset manager’s stock worth $679,000 after purchasing an additional 10 shares during the last quarter. McGlone Suttner Wealth Management Inc. raised its stake in shares of BlackRock by 0.8% during the 3rd quarter. McGlone Suttner Wealth Management Inc. now owns 1,205 shares of the asset manager’s stock worth $1,275,000 after purchasing an additional 10 shares in the last quarter. Finally, Revolve Wealth Partners LLC raised its stake in shares of BlackRock by 2.9% during the 3rd quarter. Revolve Wealth Partners LLC now owns 360 shares of the asset manager’s stock worth $381,000 after purchasing an additional 10 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock Trading Up 0.0%

Shares of BlackRock stock opened at $1,147.61 on Monday. The company’s fifty day simple moving average is $1,103.88 and its 200-day simple moving average is $1,064.04. The company has a market cap of $177.73 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 1.19 and a beta of 1.37. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.33. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,187.17.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $14.32 by $1.61. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.42 billion. BlackRock had a net margin of 24.22% and a return on equity of 16.08%. The business’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.43 EPS. As a group, sell-side analysts expect that BlackRock will post 57.82 EPS for the current year.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Private-market assets are projected to exceed $34 trillion by 2031, supporting BlackRock’s long-term growth opportunity in private equity, private credit and other alternative investments. Private markets assets forecast to exceed $34tn by 2031, says Preqin
• Positive Sentiment: BlackRock disclosed that its ownership of OMV rose above 5%, indicating increased exposure to the energy company, although the investment’s direct effect on BlackRock’s earnings is likely limited. BlackRock Lifts OMV Stake Above 5% Threshold
• Neutral Sentiment: BlackRock’s closed-end funds announced estimated distribution sources. The disclosure is routine and mainly provides investors with information about income, capital gains and potential return of capital. Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions
• Neutral Sentiment: The SEC is reviewing whether existing ETF rules adequately cover newer crypto products beyond bitcoin and ether. Clearer regulation could benefit BlackRock over time, but uncertainty may slow product development in the near term. Crypto ETFs Already Go Far Beyond Bitcoin. The SEC Wants to Know If Its Rules Have Kept Up
• Negative Sentiment: A reported $6.3 billion Binance security breach triggered a crypto-market shock, sending BlackRock’s iShares Bitcoin Trust (IBIT) lower. Falling crypto prices can reduce ETF assets under management and fee revenue while damaging sentiment toward BlackRock’s digital-asset expansion. Binance’s $6.3B Hack Sends Bitcoin ETF Tumbling 5%

Analyst Ratings Changes

BLK has been the subject of several recent research reports. Zacks Research cut BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Jefferies Financial Group reaffirmed a “buy” rating and set a $1,341.00 price objective on shares of BlackRock in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of BlackRock from $1,435.00 to $1,449.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Truist Financial set a $1,310.00 target price on shares of BlackRock in a research report on Thursday, October 15th. Finally, Weiss Ratings lowered shares of BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,342.25.

About BlackRock

BlackRock, Inc is a global investment management and financial technology company headquartered in New York. Founded in 1988, the company provides investment, technology and advisory services to institutional and individual investors, governments, foundations and other clients worldwide.

BlackRock offers a broad range of investment products and strategies, including equity and fixed-income funds, index funds, exchange-traded funds through its iShares business, multi-asset portfolios, cash-management products and alternative investments.