Cadence Capital Management LLC Sells 739 Shares of BlackRock, Inc. (NYSE:BLK)

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Cadence Capital Management LLC reduced its position in BlackRock, Inc. (NYSE:BLK) by 18.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,169 shares of the asset manager’s stock after selling 739 shares during the quarter. Cadence Capital Management LLC’s holdings in BlackRock were worth $1,786,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in BlackRock by 40.2% during the second quarter. Vanguard Group Inc. now owns 12,955,301 shares of the asset manager’s stock worth $7,048,850,000 after acquiring an additional 3,714,710 shares in the last quarter. BlackRock Inc. increased its position in BlackRock by 21.0% in the second quarter. BlackRock Inc. now owns 9,986,435 shares of the asset manager’s stock worth $5,433,521,000 after purchasing an additional 1,731,325 shares during the period. FMR LLC increased its position in BlackRock by 182.3% in the second quarter. FMR LLC now owns 3,699,444 shares of the asset manager’s stock worth $2,012,831,000 after purchasing an additional 2,388,836 shares during the period. Morgan Stanley increased its position in BlackRock by 2.0% in the first quarter. Morgan Stanley now owns 2,187,760 shares of the asset manager’s stock worth $962,549,000 after purchasing an additional 43,802 shares during the period. Finally, Capital International Investors increased its position in BlackRock by 17.2% in the first quarter. Capital International Investors now owns 2,107,696 shares of the asset manager’s stock worth $927,330,000 after purchasing an additional 309,557 shares during the period. 79.21% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Mark Mccombe sold 3,000 shares of BlackRock stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $580.16, for a total transaction of $1,740,480.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mark Wiedman sold 360 shares of BlackRock stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $583.20, for a total value of $209,952.00. The disclosure for this sale can be found here. Insiders have sold a total of 47,248 shares of company stock worth $27,405,326 in the last quarter. 1.42% of the stock is currently owned by company insiders.

BLK has been the subject of a number of research reports. Citigroup lifted their price objective on BlackRock from $690.00 to $800.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research cut BlackRock from a “strong-buy” rating to a “hold” rating and set a $609.00 target price on the stock. in a report on Tuesday, July 21st. Argus raised their target price on BlackRock from $530.00 to $640.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Deutsche Bank Aktiengesellschaft raised their target price on BlackRock from $661.00 to $685.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, BMO Capital Markets raised their target price on BlackRock from $594.00 to $602.00 and gave the stock a “market perform” rating in a report on Thursday. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. BlackRock currently has a consensus rating of “Buy” and an average price target of $635.42.

Shares of NYSE:BLK traded up $11.14 during trading on Friday, hitting $657.38. 765,555 shares of the company’s stock traded hands, compared to its average volume of 966,601. BlackRock, Inc. has a 52 week low of $323.98 and a 52 week high of $659.57. The company has a current ratio of 4.02, a quick ratio of 4.02 and a debt-to-equity ratio of 0.66. The company has a market cap of $100.24 billion, a price-to-earnings ratio of 21.80, a price-to-earnings-growth ratio of 2.67 and a beta of 1.23. The company has a 50-day moving average price of $573.97 and a 200-day moving average price of $541.06.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Sunday, October 18th. The asset manager reported $9.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $7.45 by $1.77. BlackRock had a return on equity of 14.17% and a net margin of 29.55%. The business had revenue of $4.37 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same quarter in the previous year, the business posted $7.15 EPS. BlackRock’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, analysts predict that BlackRock, Inc. will post 30.41 earnings per share 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.

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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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