BlackRock (NYSE:BLK) Reaches New 52-Week High – Here’s Why

BlackRock, Inc. (NYSE:BLK) reached a new 52-week high on Wednesday . The stock traded as high as $1,057.51 and last traded at $1,046.52, with a volume of 77399 shares traded. The stock had previously closed at $1,014.35.

Analyst Ratings Changes

A number of analysts have issued reports on BLK shares. TD Cowen raised their price target on BlackRock from $960.00 to $1,077.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. boosted their target price on shares of BlackRock from $864.00 to $914.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Morgan Stanley increased their price target on shares of BlackRock from $1,150.00 to $1,245.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Citigroup increased their target price on BlackRock from $920.00 to $930.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group lifted their target price on BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, BlackRock presently has an average rating of “Moderate Buy” and an average target price of $1,004.54.

BlackRock Trading Up 0.3 %

The firm has a market cap of $153.95 billion, a P/E ratio of 25.65, a price-to-earnings-growth ratio of 1.78 and a beta of 1.30. The business’s 50 day moving average is $953.10 and its 200-day moving average is $860.23. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 EPS for the quarter, topping the consensus estimate of $10.42 by $1.04. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.03 billion. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter last year, the company posted $10.91 earnings per share. As a group, analysts forecast that BlackRock, Inc. will post 42.94 earnings per share for the current fiscal year.

Insider Activity

In other BlackRock news, Director Mark Wiedman sold 12,000 shares of BlackRock stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $875.03, for a total value of $10,500,360.00. Following the completion of the transaction, the director now owns 6,480 shares of the company’s stock, valued at $5,670,194.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders sold 35,061 shares of company stock worth $30,734,840. 0.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackRock

A number of hedge funds and other institutional investors have recently bought and sold shares of BLK. Fairscale Capital LLC acquired a new stake in BlackRock in the second quarter worth $31,000. Reston Wealth Management LLC acquired a new stake in shares of BlackRock in the 3rd quarter worth about $37,000. Chilton Capital Management LLC acquired a new position in BlackRock during the 1st quarter valued at about $38,000. MFA Wealth Advisors LLC grew its position in BlackRock by 100.0% in the 3rd quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock worth $38,000 after purchasing an additional 20 shares during the last quarter. Finally, Addison Advisors LLC increased its stake in shares of BlackRock by 81.5% in the third quarter. Addison Advisors LLC now owns 49 shares of the asset manager’s stock valued at $47,000 after purchasing an additional 22 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.