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Rating:An Insider Bets $94 Million on BlackRock Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 19, 2012

An Insider Bets $94 Million on BlackRock

News summary by MFWire's editors

It's not just analysts who think BlackRock [profile] shares could be undervalued.

A BlackRock director has just made "one of the largest insider purchases of the last decade," according to Barron's reporter Andrew Bary. The magazine reports that James Grosfeld bought $94 million worth of stock in the asset manager over the last month, upping his stake to $130 million. He has been a BlackRock director since 1999.

Grosfeld's Bloomberg Businessweek profile shows that he was CEO of Pulte Home Corporation for over fifteen years, then served as chairman of Copart Inc and as a trustee of Lexington Realty Trust, in addition to his duties as a BlackRock director.

Barron's did not spare the superlatives to describe this transaction, calling it a "massive," "staggering bet." The pub quotes analyst Ben Siverman of research firm InsiderScore, who calls it "one of the largest insider buys by an individual across the entire market over the last nine-plus years," adding, "An insider purchase of this magnitude is compelling and rare."

BlackRock shares are up almost five percent this year, slower growth than rivals Franklin Resources and T. Rowe Price, according to the story.

Last month Barron's published an in-depth look into BlackRock's finances and growth potential, to solve the puzzle of why investors have "soured" on "one of Wall Street's classiest acts." The report projects that the firm's stock could shoot up to $210 per share in the next year, from its current price of just under $187.

That would be just fine with Grosfeld, who owns 700,000 shares. 

Edited by: Chris Cumming


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