Red Cedar Investment Management LLC Buys 1,687 Shares of BlackRock (NYSE:BLK)

Red Cedar Investment Management LLC raised its stake in BlackRock (NYSE:BLK - Free Report) by 91.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,526 shares of the asset manager's stock after purchasing an additional 1,687 shares during the period. Red Cedar Investment Management LLC's holdings in BlackRock were worth $3,337,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Mascoma Wealth Management LLC lifted its stake in BlackRock by 9.5% in the fourth quarter. Mascoma Wealth Management LLC now owns 127 shares of the asset manager's stock valued at $130,000 after purchasing an additional 11 shares during the last quarter. Hazlett Burt & Watson Inc. increased its position in BlackRock by 2.1% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 534 shares of the asset manager's stock worth $542,000 after buying an additional 11 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of BlackRock by 4.5% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 257 shares of the asset manager's stock valued at $263,000 after buying an additional 11 shares during the period. Truvestments Capital LLC raised its stake in shares of BlackRock by 10.8% in the fourth quarter. Truvestments Capital LLC now owns 123 shares of the asset manager's stock valued at $126,000 after buying an additional 12 shares during the period. Finally, Prestige Wealth Management Group LLC lifted its position in shares of BlackRock by 3.1% during the 4th quarter. Prestige Wealth Management Group LLC now owns 399 shares of the asset manager's stock valued at $409,000 after buying an additional 12 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

BlackRock Price Performance

NYSE BLK traded up $3.89 on Tuesday, hitting $1,053.14. The stock had a trading volume of 472,278 shares, compared to its average volume of 693,798. The firm has a 50-day moving average of $966.29 and a 200-day moving average of $968.09. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,084.22. The company has a market capitalization of $163.16 billion, a price-to-earnings ratio of 25.59, a price-to-earnings-growth ratio of 3.18 and a beta of 1.41.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The asset manager reported $11.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.84 by $0.46. BlackRock had a return on equity of 15.57% and a net margin of 30.09%. The company had revenue of $5.28 billion for the quarter, compared to the consensus estimate of $5.47 billion. During the same quarter last year, the business posted $9.81 earnings per share. The firm's revenue was up 11.6% compared to the same quarter last year. Equities analysts expect that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th were given a dividend of $5.21 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.98%. BlackRock's dividend payout ratio (DPR) is presently 50.63%.

Insider Activity at BlackRock

In related news, Director J. Richard Kushel sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $912.50, for a total value of $9,125,000.00. Following the transaction, the director directly owned 66,034 shares in the company, valued at approximately $60,256,025. This represents a 13.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.98% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BLK shares. Citigroup decreased their price objective on BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. cut their target price on shares of BlackRock from $1,046.00 to $988.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Argus boosted their price target on shares of BlackRock from $1,028.00 to $1,090.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Wells Fargo & Company upped their price target on shares of BlackRock from $1,035.00 to $1,105.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Finally, Barclays lifted their price objective on shares of BlackRock from $950.00 to $990.00 and gave the company an "overweight" rating in a research note on Monday, April 14th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $1,102.08.

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.