BlackRock, Inc. (NYSE:BLK) was the recipient of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 2,310,000 shares, a decline of 14.8% from the June 15th total of 2,710,000 shares. Currently, 1.5% of the company’s shares are sold short. Based on an average trading volume of 1,410,000 shares, the days-to-cover ratio is currently 1.6 days.
BLK traded down $5.86 during midday trading on Tuesday, hitting $551.69. 261,437 shares of the company traded hands, compared to its average volume of 861,525. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $86.01 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 2.07 and a beta of 1.27. The company’s 50-day moving average is $538.15 and its 200 day moving average is $501.13. BlackRock has a 52 week low of $323.98 and a 52 week high of $576.81.
BlackRock (NYSE:BLK) last released its earnings results on Thursday, April 16th. The asset manager reported $6.60 EPS for the quarter, topping analysts’ consensus estimates of $6.36 by $0.24. BlackRock had a net margin of 28.38% and a return on equity of 13.62%. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter last year, the business earned $6.61 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. On average, sell-side analysts predict that BlackRock will post 26.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 5th were issued a dividend of $3.63 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $14.52 annualized dividend and a dividend yield of 2.63%. BlackRock’s dividend payout ratio is 50.98%.
A number of brokerages have issued reports on BLK. Wells Fargo & Co boosted their price objective on shares of BlackRock from $530.00 to $605.00 in a research report on Tuesday, June 2nd. Barclays upped their target price on shares of BlackRock from $515.00 to $580.00 and gave the stock an “overweight” rating in a research report on Monday, June 15th. Citigroup upped their target price on shares of BlackRock from $535.00 to $570.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. UBS Group reduced their target price on shares of BlackRock from $587.00 to $487.00 and set a “buy” rating on the stock in a research report on Tuesday, April 7th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $552.00 target price on shares of BlackRock in a research report on Thursday, May 28th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $530.00.
In other BlackRock news, President Robert Kapito sold 88,799 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $476.98, for a total transaction of $42,355,347.02. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark Wiedman sold 684 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $490.17, for a total transaction of $335,276.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,345 shares of company stock valued at $48,738,038. Company insiders own 1.42% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in BlackRock by 3.7% during the 1st quarter. BlackRock Inc. now owns 8,255,110 shares of the asset manager’s stock worth $3,632,002,000 after acquiring an additional 295,599 shares during the period. Wellington Management Group LLP lifted its position in BlackRock by 0.4% in the 1st quarter. Wellington Management Group LLP now owns 4,743,375 shares of the asset manager’s stock valued at $2,086,943,000 after acquiring an additional 17,147 shares in the last quarter. Norges Bank bought a new stake in BlackRock in the 4th quarter valued at $1,218,129,000. Wells Fargo & Company MN lifted its position in BlackRock by 2.5% in the 1st quarter. Wells Fargo & Company MN now owns 2,190,239 shares of the asset manager’s stock valued at $963,639,000 after acquiring an additional 53,507 shares in the last quarter. Finally, Morgan Stanley lifted its position in BlackRock by 2.0% during the 1st quarter. Morgan Stanley now owns 2,187,760 shares of the asset manager’s stock worth $962,549,000 after buying an additional 43,802 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.
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.
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