Mirae Asset Global Investments Co. Ltd. Acquires 7,669 Shares of BlackRock $BLK

Key Points

• Mirae Asset Global Investments boosted its stake in BlackRock by 28.5%, adding 7,669 shares to hold 34,586 shares worth $37,019,000 at the end of the quarter.
• BlackRock beat Q1 expectations on revenue and EPS, spurring several price-target raises and an average analyst rating of "Moderate Buy" with a consensus target of $1,266.28.
• Institutional investors own 80.69% of BLK, but recent insider selling (84,272 shares worth ~$92.3M over 90 days), ongoing private-credit liquidity concerns and a Pomerantz investor probe pose potential headline risks.

Mirae Asset Global Investments Co. Ltd. lifted its holdings in BlackRock (NYSE:BLK - Free Report) by 28.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,586 shares of the asset manager's stock after acquiring an additional 7,669 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in BlackRock were worth $37,019,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BLK. Viking Global Investors LP lifted its holdings in shares of BlackRock by 217.5% in the 3rd quarter. Viking Global Investors LP now owns 619,492 shares of the asset manager's stock valued at $722,247,000 after acquiring an additional 424,388 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of BlackRock by 29,043.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 245,094 shares of the asset manager's stock valued at $285,748,000 after acquiring an additional 244,253 shares during the last quarter. Amundi lifted its holdings in shares of BlackRock by 39.5% in the 3rd quarter. Amundi now owns 547,249 shares of the asset manager's stock valued at $645,354,000 after acquiring an additional 154,907 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in BlackRock by 13.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,213,561 shares of the asset manager's stock worth $1,414,854,000 after purchasing an additional 143,126 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in BlackRock by 995.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 143,988 shares of the asset manager's stock worth $154,116,000 after purchasing an additional 130,841 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

BLK has been the subject of several analyst reports. Weiss Ratings reissued a "buy (b-)" rating on shares of BlackRock in a research note on Friday, March 27th. Keefe, Bruyette & Woods raised their price objective on shares of BlackRock from $1,150.00 to $1,240.00 and gave the stock an "outperform" rating in a research note on Wednesday. Wall Street Zen raised shares of BlackRock from a "sell" rating to a "hold" rating in a research note on Saturday, January 17th. BNP Paribas Exane raised their price objective on shares of BlackRock from $1,290.00 to $1,300.00 and gave the stock an "outperform" rating in a research note on Thursday, January 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of BlackRock from $1,296.00 to $1,380.00 in a research note on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,266.28.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Q1 results beat expectations — BlackRock reported stronger-than-expected revenue and EPS with healthy net inflows, which supports fee growth and the stock’s rally. BlackRock, Inc. Just Beat Earnings Expectations
• Positive Sentiment: Senior management bullish — Rick Rieder highlighted “extraordinary” equity technicals and strong earnings momentum on Bloomberg, reinforcing a risk-on view that can attract flows into BlackRock products. BlackRock's Rieder Says Equity Technicals Are Extraordinary
• Positive Sentiment: Analyst support and higher targets — Recent analyst notes and a new UBS price target lift sentiment and provide cover for buyers after the earnings print. BlackRock Given New $1,270.00 Price Target at UBS Group
• Positive Sentiment: Media endorsements and product demand — Commentary (including Jim Cramer) and attention to BlackRock’s private-credit capabilities and high-yield iShares ETFs may support asset-gathering prospects. Jim Cramer Highlights “BlackRock Has Good Private Credit”
• Neutral Sentiment: Product innovation / retirement flows — Coverage about private assets possibly entering 401(k)s and interest in BlackRock dividend/high-yield ETFs could expand addressable market over time, but adoption and regulation are still uncertain. Private Assets Could Join Your 401(k): What You Need To Know 5 Best High-Yield BlackRock Dividend ETFs Paying Over 5%
• Negative Sentiment: Private-credit liquidity concerns — Investors remain wary after a March cap on quarterly repurchases at BlackRock’s HPS corporate-lending vehicle and softer quarter-end AUM versus year-end, which pressured sentiment and prompted a post-earnings pullback earlier in the week. BlackRock slips 3.2% as investors digest Q1 results and lingering private-credit concerns
• Negative Sentiment: Investor lawsuit inquiry — Pomerantz has opened an investigation into BLK investor claims; legal action can create headline risk and potential costs, keeping some investors cautious. Pomerantz Law Firm Investigates Claims On Behalf of Investors of BlackRock

BlackRock Stock Performance

BlackRock stock opened at $1,052.56 on Friday. The company has a 50 day moving average price of $1,012.55 and a 200-day moving average price of $1,067.73. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.98 and a current ratio of 2.98. BlackRock has a fifty-two week low of $845.82 and a fifty-two week high of $1,219.94. The company has a market capitalization of $163.71 billion, a PE ratio of 26.42, a P/E/G ratio of 1.41 and a beta of 1.48.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings results on Tuesday, April 14th. The asset manager reported $12.53 earnings per share for the quarter, beating the consensus estimate of $12.40 by $0.13. BlackRock had a net margin of 24.40% and a return on equity of 14.96%. The firm had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the previous year, the firm posted $9.64 earnings per share. The company's revenue was up 27.0% on a year-over-year basis. As a group, equities analysts forecast that BlackRock will post 47.41 earnings per share for the current year.

Insider Activity at BlackRock

In related news, Director J. Richard Kushel sold 20,000 shares of BlackRock stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $1,125.00, for a total transaction of $22,500,000.00. Following the transaction, the director directly owned 61,894 shares of the company's stock, valued at $69,630,750. This trade represents a 24.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephen Cohen sold 2,179 shares of BlackRock stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $1,073.87, for a total transaction of $2,339,962.73. Following the transaction, the director directly owned 6,543 shares in the company, valued at approximately $7,026,331.41. The trade was a 24.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 84,272 shares of company stock valued at $92,323,426 over the last ninety days. 1.98% of the stock is owned by company insiders.

BlackRock Company Profile

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.

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