Cumberland Partners Ltd Grows Holdings in BlackRock, Inc. (NYSE:BLK)

Cumberland Partners Ltd grew its stake in shares of BlackRock, Inc. (NYSE:BLK) by 54.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,761 shares of the asset manager’s stock after acquiring an additional 4,515 shares during the period. Cumberland Partners Ltd’s holdings in BlackRock were worth $9,691,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Abacus Planning Group Inc. boosted its holdings in shares of BlackRock by 4.0% in the 4th quarter. Abacus Planning Group Inc. now owns 334 shares of the asset manager’s stock valued at $271,000 after buying an additional 13 shares during the period. Everhart Financial Group Inc. lifted its stake in BlackRock by 3.2% during the fourth quarter. Everhart Financial Group Inc. now owns 450 shares of the asset manager’s stock valued at $365,000 after purchasing an additional 14 shares during the last quarter. Spreng Capital Management Inc. lifted its stake in BlackRock by 1.1% during the fourth quarter. Spreng Capital Management Inc. now owns 1,329 shares of the asset manager’s stock valued at $1,079,000 after purchasing an additional 14 shares during the last quarter. Inscription Capital LLC raised its holdings in shares of BlackRock by 1.2% during the fourth quarter. Inscription Capital LLC now owns 1,274 shares of the asset manager’s stock valued at $1,034,000 after acquiring an additional 15 shares during the period. Finally, ERTS Wealth Advisors LLC raised its holdings in shares of BlackRock by 2.9% during the fourth quarter. ERTS Wealth Advisors LLC now owns 538 shares of the asset manager’s stock valued at $437,000 after acquiring an additional 15 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock Stock Up 0.9 %

BlackRock stock traded up $6.57 during trading hours on Tuesday, hitting $766.68. The company had a trading volume of 460,845 shares, compared to its average volume of 628,075. The firm’s fifty day moving average is $803.96 and its 200-day moving average is $759.31. BlackRock, Inc. has a fifty-two week low of $596.18 and a fifty-two week high of $845.00. The firm has a market capitalization of $114.19 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 1.55 and a beta of 1.37. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.48 and a quick ratio of 3.48.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, April 12th. The asset manager reported $9.81 EPS for the quarter, topping the consensus estimate of $9.42 by $0.39. BlackRock had a net margin of 32.26% and a return on equity of 15.34%. The company had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same quarter in the prior year, the business posted $7.93 EPS. BlackRock’s quarterly revenue was up 11.4% on a year-over-year basis. On average, research analysts forecast that BlackRock, Inc. will post 41.19 earnings per share for the current year.

Insider Transactions at BlackRock

In other news, Director J. Richard Kushel sold 3,418 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $781.11, for a total transaction of $2,669,833.98. Following the transaction, the director now owns 70,378 shares in the company, valued at approximately $54,972,959.58. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director J. Richard Kushel sold 3,418 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $781.11, for a total transaction of $2,669,833.98. Following the completion of the sale, the director now directly owns 70,378 shares of the company’s stock, valued at approximately $54,972,959.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Martin Small sold 7,036 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $786.36, for a total transaction of $5,532,828.96. Following the sale, the chief financial officer now directly owns 5,259 shares of the company’s stock, valued at $4,135,467.24. The disclosure for this sale can be found here. Insiders have sold a total of 82,511 shares of company stock worth $66,778,367 in the last 90 days. 0.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $930.00 price target (up previously from $918.00) on shares of BlackRock in a report on Friday, April 5th. TD Cowen upgraded shares of BlackRock from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $819.00 to $938.00 in a report on Tuesday, January 16th. Morgan Stanley boosted their price target on shares of BlackRock from $1,013.00 to $1,025.00 and gave the company an “overweight” rating in a report on Monday, April 15th. UBS Group boosted their price target on shares of BlackRock from $818.00 to $850.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Finally, JPMorgan Chase & Co. boosted their price target on shares of BlackRock from $742.00 to $767.00 and gave the company a “neutral” rating in a report on Tuesday, April 2nd. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $845.42.

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.