BlackRock (BLK) Price Target Cut to $514.00 by Analysts at Morgan Stanley

BlackRock (NYSE:BLK) had its price target lowered by stock analysts at Morgan Stanley from $554.00 to $514.00 in a research note issued on Wednesday, Marketbeat.com reports. The firm currently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s price objective points to a potential upside of 26.33% from the stock’s previous close.

BLK has been the topic of several other research reports. JPMorgan Chase & Co. upped their target price on BlackRock from $541.00 to $592.00 and gave the stock a “buy” rating in a report on Monday, October 8th. Citigroup dropped their target price on BlackRock to $500.00 and set a “buy” rating on the stock in a report on Wednesday, October 17th. Goldman Sachs Group lowered BlackRock from a “conviction-buy” rating to a “buy” rating in a report on Wednesday, October 17th. Deutsche Bank upped their target price on BlackRock from $549.00 to $559.00 and gave the stock a “buy” rating in a report on Thursday, September 27th. Finally, ValuEngine upgraded BlackRock from a “sell” rating to a “hold” rating in a report on Wednesday, October 31st. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $562.46.

BLK opened at $406.88 on Wednesday. BlackRock has a 52-week low of $376.31 and a 52-week high of $594.52. The stock has a market cap of $65.00 billion, a P/E ratio of 15.02, a P/E/G ratio of 1.22 and a beta of 1.54. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.87 and a current ratio of 3.07.

BlackRock (NYSE:BLK) last released its earnings results on Tuesday, October 16th. The asset manager reported $7.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.93 by $0.59. BlackRock had a return on equity of 13.72% and a net margin of 39.92%. The business had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same quarter in the prior year, the company posted $5.76 earnings per share. BlackRock’s revenue was up 1.9% on a year-over-year basis. Equities research analysts predict that BlackRock will post 27.84 EPS for the current year.

In other BlackRock news, Director William E. Ford acquired 2,000 shares of the company’s stock in a transaction on Monday, October 22nd. The shares were purchased at an average price of $395.21 per share, for a total transaction of $790,420.00. Following the completion of the purchase, the director now directly owns 9,466 shares of the company’s stock, valued at $3,741,057.86. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.86% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. Truvestments Capital LLC bought a new stake in BlackRock in the third quarter valued at approximately $116,000. Canton Hathaway LLC acquired a new position in shares of BlackRock in the third quarter valued at approximately $146,000. AlphaMark Advisors LLC acquired a new position in shares of BlackRock in the second quarter valued at approximately $147,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of BlackRock in the second quarter valued at approximately $150,000. Finally, Kaizen Advisory LLC grew its position in shares of BlackRock by 156.7% in the second quarter. Kaizen Advisory LLC now owns 308 shares of the asset manager’s stock valued at $154,000 after purchasing an additional 188 shares during the last quarter. Hedge funds and other institutional investors own 82.76% of the company’s stock.

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.

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