W.H. Cornerstone Investments Inc. Buys 49 Shares of BlackRock $BLK

W.H. Cornerstone Investments Inc. raised its position in BlackRock (NYSE:BLK) by 8.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 658 shares of the asset manager’s stock after acquiring an additional 49 shares during the quarter. W.H. Cornerstone Investments Inc.’s holdings in BlackRock were worth $690,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Welch Group LLC grew its stake in shares of BlackRock by 1.2% during the 2nd quarter. Welch Group LLC now owns 760 shares of the asset manager’s stock worth $797,000 after acquiring an additional 9 shares during the period. Stanley Laman Group Ltd. increased its holdings in BlackRock by 2.7% during the 2nd quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager’s stock valued at $357,000 after purchasing an additional 9 shares during the period. CNB Bank lifted its stake in shares of BlackRock by 9.6% in the 2nd quarter. CNB Bank now owns 103 shares of the asset manager’s stock valued at $108,000 after purchasing an additional 9 shares during the period. Magellan Asset Management Ltd boosted its holdings in BlackRock by 14.3% in the second quarter. Magellan Asset Management Ltd now owns 72 shares of the asset manager’s stock worth $76,000 after acquiring an additional 9 shares in the last quarter. Finally, McLean Asset Management Corp lifted its holdings in shares of BlackRock by 3.9% during the second quarter. McLean Asset Management Corp now owns 266 shares of the asset manager’s stock valued at $285,000 after purchasing an additional 10 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at BlackRock

In other BlackRock news, Director Rachel Lord sold 12,000 shares of BlackRock stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the sale, the director directly owned 7,205 shares of the company’s stock, valued at approximately $8,394,113.20. The trade was a 62.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.98% of the stock is owned by corporate insiders.

BlackRock Price Performance

Shares of BLK traded down $13.39 during trading hours on Thursday, reaching $1,080.54. 42,953 shares of the company traded hands, compared to its average volume of 711,097. The stock has a market capitalization of $167.32 billion, a PE ratio of 27.91, a price-to-earnings-growth ratio of 1.90 and a beta of 1.48. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,219.94. The stock has a fifty day simple moving average of $1,129.00 and a 200 day simple moving average of $1,073.06.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing the consensus estimate of $11.78 by ($0.23). The firm had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.22 billion. BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The business’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the prior year, the firm earned $11.46 earnings per share. As a group, research analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BLK has been the subject of several recent analyst reports. Cowen reaffirmed a “buy” rating on shares of BlackRock in a report on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft set a $1,320.00 price target on shares of BlackRock and gave the stock a “buy” rating in a report on Wednesday, October 15th. Evercore ISI upped their target price on BlackRock from $1,200.00 to $1,300.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. BMO Capital Markets increased their price target on shares of BlackRock from $1,280.00 to $1,300.00 and gave the stock an “outperform” rating in a report on Tuesday, October 21st. Finally, Keefe, Bruyette & Woods raised their price objective on BlackRock from $1,215.00 to $1,300.00 and gave the company an “outperform” rating in a report on Monday, October 13th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, BlackRock has an average rating of “Moderate Buy” and an average price target of $1,303.41.

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.