Archer Investment Corp Grows Position in BlackRock, Inc. (NYSE:BLK)

Archer Investment Corp grew its position in BlackRock, Inc. (NYSE:BLK) by 50.0% during the third quarter, Holdings Channel.com reports. The firm owned 63 shares of the asset manager’s stock after acquiring an additional 21 shares during the period. Archer Investment Corp’s holdings in BlackRock were worth $60,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Fairscale Capital LLC acquired a new stake in shares of BlackRock during the 2nd quarter worth about $31,000. Reston Wealth Management LLC acquired a new stake in BlackRock during the third quarter worth approximately $37,000. MFA Wealth Advisors LLC lifted its position in shares of BlackRock by 100.0% during the 3rd quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock worth $38,000 after buying an additional 20 shares during the last quarter. Addison Advisors LLC raised its stake in BlackRock by 81.5% during the 3rd quarter. Addison Advisors LLC now owns 49 shares of the asset manager’s stock worth $47,000 after acquiring an additional 22 shares in the last quarter. Finally, Olistico Wealth LLC purchased a new position in shares of BlackRock during the second quarter worth about $53,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Stock Performance

Shares of BLK opened at $1,046.87 on Friday. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37. BlackRock, Inc. has a 52-week low of $708.75 and a 52-week high of $1,068.34. The company has a 50-day simple moving average of $969.04 and a 200-day simple moving average of $869.97. The company has a market capitalization of $155.07 billion, a PE ratio of 25.84, a P/E/G ratio of 1.84 and a beta of 1.30.

BlackRock (NYSE:BLK) last posted its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.42 by $1.04. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.03 billion. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The company’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the firm earned $10.91 EPS. Equities research analysts predict that BlackRock, Inc. will post 43.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Mark Wiedman sold 12,000 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the sale, the director now directly owns 6,480 shares of the company’s stock, valued at approximately $5,832,000. This represents a 64.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BLK has been the topic of a number of research reports. Morgan Stanley raised their price target on BlackRock from $1,150.00 to $1,245.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. The Goldman Sachs Group increased their target price on shares of BlackRock from $960.00 to $1,040.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Evercore ISI raised their price target on BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Barclays upped their price objective on BlackRock from $1,010.00 to $1,120.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Finally, TD Cowen lifted their target price on BlackRock from $960.00 to $1,077.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,019.62.

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.