Ethic Inc. Sells 2,284 Shares of BlackRock $BLK

Key Points

• Ethic Inc. has reduced its stake in BlackRock by 18.8%, selling 2,284 shares, and now holds 9,855 shares worth approximately $10.3 million.
• Insider transactions include Director Fabrizio Freda selling 4,434 shares and CEO Laurence Fink selling 12,054 shares, reflecting significant decreases in their ownership.
• Analysts have recently adjusted their ratings and price targets for BlackRock, with a consensus rating of "Moderate Buy" and an average price target of $1,299.29.

Ethic Inc. lowered its holdings in BlackRock (NYSE:BLK - Free Report) by 18.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,855 shares of the asset manager's stock after selling 2,284 shares during the quarter. Ethic Inc.'s holdings in BlackRock were worth $10,326,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. raised its holdings in BlackRock by 200.0% in the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock worth $28,000 after purchasing an additional 18 shares in the last quarter. Fairway Wealth LLC lifted its holdings in shares of BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 13 shares during the last quarter. Game Plan Financial Advisors LLC boosted its position in shares of BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock worth $28,000 after purchasing an additional 15 shares in the last quarter. Mid American Wealth Advisory Group Inc. purchased a new position in BlackRock during the 2nd quarter worth $34,000. Finally, MorganRosel Wealth Management LLC acquired a new position in BlackRock during the 1st quarter valued at about $31,000. 80.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the completion of the transaction, the director directly owned 3,506 shares in the company, valued at approximately $3,936,571.86. This represents a 55.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Laurence Fink sold 12,054 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the completion of the sale, the chief executive officer directly owned 251,697 shares in the company, valued at $283,267,354.71. This trade represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,494 shares of company stock worth $74,694,573 over the last quarter. 1.98% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BLK. BMO Capital Markets upped their price objective on shares of BlackRock from $1,280.00 to $1,300.00 and gave the company an "outperform" rating in a report on Tuesday. Telsey Advisory Group reissued an "outperform" rating on shares of BlackRock in a report on Tuesday, July 8th. Wells Fargo & Company dropped their target price on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Evercore ISI boosted their price target on BlackRock from $1,200.00 to $1,230.00 and gave the company an "outperform" rating in a report on Thursday, October 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of BlackRock from $1,093.00 to $1,242.00 and gave the stock a "neutral" rating in a research note on Thursday, October 2nd. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,299.29.

BlackRock Price Performance

Shares of NYSE BLK opened at $1,132.98 on Wednesday. The firm has a market cap of $175.44 billion, a PE ratio of 29.11, a PEG ratio of 2.01 and a beta of 1.45. BlackRock has a one year low of $773.74 and a one year high of $1,219.94. The firm has a fifty day moving average of $1,140.89 and a 200 day moving average of $1,046.85. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing analysts' consensus estimates of $11.78 by ($0.23). BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The business had revenue of $6.51 billion during the quarter, compared to analysts' expectations of $6.22 billion. During the same period last year, the business earned $11.46 earnings per share. The company's revenue for the quarter was up 25.2% compared to the same quarter last year. As a group, research analysts predict that BlackRock will post 47.41 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.

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