Carnegie Capital Asset Management LLC Lowers Position in BlackRock, Inc. (NYSE:BLK)

Carnegie Capital Asset Management LLC reduced its stake in BlackRock, Inc. (NYSE:BLK) by 0.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,852 shares of the asset manager’s stock after selling 167 shares during the quarter. BlackRock makes up 0.9% of Carnegie Capital Asset Management LLC’s investment portfolio, making the stock its 29th largest holding. Carnegie Capital Asset Management LLC’s holdings in BlackRock were worth $25,046,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tennessee Valley Asset Management Partners purchased a new stake in BlackRock in the 4th quarter valued at $27,000. LFA Lugano Financial Advisors SA increased its position in shares of BlackRock by 208.3% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 25 shares during the last quarter. Tyler Stone Wealth Management purchased a new stake in shares of BlackRock during the 2nd quarter valued at $33,000. Exchange Traded Concepts LLC increased its position in shares of BlackRock by 671.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 54 shares of the asset manager’s stock valued at $35,000 after purchasing an additional 47 shares during the last quarter. Finally, FSC Wealth Advisors LLC purchased a new stake in shares of BlackRock during the 4th quarter valued at $40,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BLK. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $930.00 target price (up from $918.00) on shares of BlackRock in a research report on Friday, April 5th. TD Cowen raised BlackRock from a “market perform” rating to an “outperform” rating and raised their target price for the company from $819.00 to $938.00 in a research report on Tuesday, January 16th. UBS Group increased their price target on BlackRock from $818.00 to $850.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, JPMorgan Chase & Co. increased their price target on BlackRock from $742.00 to $767.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 2nd. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $802.29.

Insider Activity at BlackRock

In related news, CEO Laurence Fink sold 30,978 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $809.92, for a total transaction of $25,089,701.76. Following the transaction, the chief executive officer now directly owns 414,146 shares of the company’s stock, valued at approximately $335,425,128.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other BlackRock news, Director Rachel Lord sold 36,059 shares of BlackRock stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $818.06, for a total value of $29,498,425.54. Following the transaction, the director now directly owns 17,004 shares of the company’s stock, valued at approximately $13,910,292.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Laurence Fink sold 30,978 shares of BlackRock stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $809.92, for a total value of $25,089,701.76. Following the completion of the transaction, the chief executive officer now directly owns 414,146 shares in the company, valued at $335,425,128.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,511 shares of company stock valued at $71,864,028. Corporate insiders own 0.96% of the company’s stock.

BlackRock Price Performance

Shares of NYSE:BLK traded down $22.56 on Friday, hitting $763.40. The company’s stock had a trading volume of 1,453,625 shares, compared to its average volume of 623,436. The company has a 50-day simple moving average of $808.88 and a 200 day simple moving average of $752.88. BlackRock, Inc. has a 1 year low of $596.18 and a 1 year high of $845.00. The company has a market capitalization of $113.70 billion, a PE ratio of 19.40, a PEG ratio of 1.65 and a beta of 1.37. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.48 and a quick ratio of 3.48.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Friday, April 12th. The asset manager reported $9.81 earnings per share for the quarter, beating the consensus estimate of $9.42 by $0.39. BlackRock had a return on equity of 14.74% and a net margin of 30.81%. The firm had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.65 billion. During the same quarter last year, the firm posted $7.93 EPS. The company’s revenue was up 11.4% compared to the same quarter last year. Sell-side analysts forecast that BlackRock, Inc. will post 41.35 EPS for the current fiscal year.

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.