Renaissance Investment Group Lowers stake in BlackRock (BLK)

BlackRock (BLK) : Renaissance Investment Group reduced its stake in BlackRock by 34.88% during the most recent quarter end. The investment management company now holds a total of 9,911 shares of BlackRock which is valued at $3.4 Million after selling 5,309 shares in BlackRock according to a report filed by the company on Apr 1, 2016 with the SEC.BlackRock makes up approximately 1.70% of Renaissance Investment Group’s portfolio.

Other Hedge Funds, Including , Beacon Financial Group reduced its stake in BLK by selling 105 shares or 5.52% in the most recent quarter. The Hedge Fund company now holds 1,797 shares of BLK which is valued at $615,526. BlackRock makes up approx 0.13% of Beacon Financial Group’s portfolio.

On the company’s financial health, BlackRock reported $4.75 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Jan 15, 2016. Analyst had a consensus of $4.81. The company had revenue of $2863.00 million for the quarter, compared to analysts expectations of $2837.99 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.82 EPS.

Many Wall Street Analysts have commented on BlackRock. Shares were Reiterated by Barclays on Feb 9, 2016 to “Equal Weight” and Lowered the Price Target to $ 314 from a previous price target of $318 .Shares were Reiterated by RBC Capital Mkts on Jan 21, 2016 to “Outperform” and Lowered the Price Target to $ 367 from a previous price target of $384 .Shares were Reiterated by Argus on Jan 15, 2016 to “Buy” and Lowered the Price Target to $ 360 from a previous price target of $400 .

BlackRock opened for trading at $334.91 and hit $337.16 on the upside on Monday, eventually ending the session at $332.96, with a gain of 0.41% or 1.36 points. The heightened volatility saw the trading volume jump to 4,35,082 shares. Company has a market cap of $55,297 M.

BlackRock Inc. is an investment management firm. The Company provides investment and risk management services to institutional and retail clients across the world. Its product offerings include single- and multi-asset class portfolios investing in equities fixed income alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles including open-end and closed-end mutual funds iShares exchange-traded funds (ETFs) separate accounts collective investment funds and other pooled investment vehicles. The Company also offers its BlackRock Solutions investment and risk management technology platform Aladdin risk analytics and advisory services and solutions. It has $4.65 trillion of assets under management at December 31 2014.

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