Sageworth Trust Co Lifted Abbott Labs (ABT) Stake by $553638; Shares Declined; Chilton Capital …

Sweden-based Amf Pensionsforsakring has invested 0.1% in Equinix, Inc. (NASDAQ:REIT). Brookfield Asset Management Incorporated, Ontario – Canada-based fund reported 288,031 shares. Crosslink Capital Inc accumulated 2.4% or 31,700 shares. Since December 14, 2017, it had 0 insider buys, …

March 2, 2018 – By Henry Gaston

Chilton Capital Management Llc increased its stake in Equinix Inc (EQIX) by 50.42% based on its latest 2017Q3 regulatory filing with the SEC. Chilton Capital Management Llc bought 9,700 shares as the company’s stock rose 14.02% with the market. The institutional investor held 28,937 shares of the consumer services company at the end of 2017Q3, valued at $12.92M, up from 19,237 at the end of the previous reported quarter. Chilton Capital Management Llc who had been investing in Equinix Inc for a number of months, seems to be bullish on the $29.67 billion market cap company. The stock decreased 1.83% or $7.08 during the last trading session, reaching $379.21. About 321,353 shares traded. Equinix, Inc. (NASDAQ:EQIX) has risen 24.40% since March 2, 2017 and is uptrending. It has outperformed by 7.70% the S&P500.

Sageworth Trust Co increased its stake in Abbott Labs (ABT) by 10.29% based on its latest 2017Q3 regulatory filing with the SEC. Sageworth Trust Co bought 10,446 shares as the company’s stock declined 3.42% while stock markets rallied. The institutional investor held 111,953 shares of the major pharmaceuticals company at the end of 2017Q3, valued at $5.97 million, up from 101,507 at the end of the previous reported quarter. Sageworth Trust Co who had been investing in Abbott Labs for a number of months, seems to be bullish on the $102.84B market cap company. The stock increased 0.17% or $0.1 during the last trading session, reaching $58.89. About 3.74M shares traded. Abbott Laboratories (NYSE:ABT) has risen 15.90% since March 2, 2017 and is uptrending. It has underperformed by 0.80% the S&P500.

Investors sentiment decreased to 1.4 in 2017 Q3. Its down 0.06, from 1.46 in 2017Q2. It turned negative, as 24 investors sold EQIX shares while 144 reduced holdings. 59 funds opened positions while 177 raised stakes. 73.29 million shares or 0.60% less from 73.73 million shares in 2017Q2 were reported. 10,389 are held by Nomura Asset Ltd. Andra Ap holds 0.05% or 4,600 shares in its portfolio. Wespac Advsrs Llc stated it has 7,347 shares or 2.16% of all its holdings. Fifth Third Bankshares reported 0.01% in Equinix, Inc. (NASDAQ:REIT). First Tru Limited Partnership owns 131,636 shares. State Board Of Administration Of Florida Retirement System holds 0.14% or 116,312 shares. Commonwealth Equity holds 0% or 1,729 shares in its portfolio. New York-based M&T State Bank Corporation has invested 0.01% in Equinix, Inc. (NASDAQ:REIT). Etrade Capital Management Ltd Liability Corporation holds 0.03% in Equinix, Inc. (NASDAQ:REIT) or 1,669 shares. Schwartz Invest Counsel holds 17,603 shares or 0.49% of its portfolio. Duff & Phelps Mgmt reported 1.14% stake. Quantbot LP holds 0.16% or 3,719 shares in its portfolio. Sweden-based Amf Pensionsforsakring has invested 0.1% in Equinix, Inc. (NASDAQ:REIT). Brookfield Asset Management Incorporated, Ontario – Canada-based fund reported 288,031 shares. Crosslink Capital Inc accumulated 2.4% or 31,700 shares.

Since December 14, 2017, it had 0 insider buys, and 17 selling transactions for $20.84 million activity. TAYLOR KEITH D also sold $815,092 worth of Equinix, Inc. (NASDAQ:REIT) shares. STROHMEYER KARL also sold $568,345 worth of Equinix, Inc. (NASDAQ:REIT) on Thursday, February 15. Another trade for 740 shares valued at $296,712 was made by VAN CAMP PETER on Thursday, February 15. On Tuesday, January 16 Smith Stephen M sold $4.74M worth of Equinix, Inc. (NASDAQ:REIT) or 10,706 shares. Shares for $2.33 million were sold by Meyers Charles J on Tuesday, January 16. On Thursday, February 15 Schwartz Eric sold $981,648 worth of Equinix, Inc. (NASDAQ:REIT) or 2,442 shares.

Among 23 analysts covering Equinix (NASDAQ:EQIX), 22 have Buy rating, 0 Sell and 1 Hold. Therefore 96% are positive. Equinix had 66 analyst reports since July 31, 2015 according to SRatingsIntel. The company was maintained on Wednesday, August 2 by Canaccord Genuity. Suntrust Robinson initiated it with “Buy” rating and $345 target in Tuesday, November 24 report. The company was initiated on Friday, June 30 by Credit Suisse. The stock of Equinix, Inc. (NASDAQ:REIT) earned “Buy” rating by SunTrust on Thursday, October 12. The company was downgraded on Friday, July 15 by Jefferies. The rating was downgraded by Oppenheimer on Monday, March 14 to “Perform”. The firm has “Buy” rating given on Monday, October 23 by Cowen & Co. On Thursday, February 15 the stock rating was maintained by Wells Fargo with “Buy”. The firm has “Buy” rating given on Wednesday, September 13 by Stifel Nicolaus. Canaccord Genuity maintained the stock with “Buy” rating in Thursday, May 11 report.

Chilton Capital Management Llc, which manages about $1.18 billion and $1.04 billion US Long portfolio, decreased its stake in Celgene Corp (NASDAQ:CELG) by 2,232 shares to 77,227 shares, valued at $11.26M in 2017Q3, according to the filing. It also reduced its holding in Procter And Gamble Co (NYSE:PG) by 46,050 shares in the quarter, leaving it with 41,866 shares, and cut its stake in Visa Inc (NYSE:V).

Since September 22, 2017, it had 1 buying transaction, and 10 insider sales for $32.69 million activity. Blaser Brian J sold $1.73 million worth of Abbott Laboratories (NYSE:ABT) on Wednesday, January 31. Watkin Jared had sold 297 shares worth $17,609 on Friday, February 16. $27,213 worth of Abbott Laboratories (NYSE:ABT) was sold by PEDERSON MICHAEL J. $2.69 million worth of Abbott Laboratories (NYSE:ABT) was sold by Ford Robert B. STARKS DANIEL J also bought $2.43M worth of Abbott Laboratories (NYSE:ABT) shares. On Tuesday, September 26 the insider Salvadori Daniel Gesua Sive sold $3.31M.

Among 25 analysts covering Abbott Laboratories (NYSE:ABT), 18 have Buy rating, 0 Sell and 7 Hold. Therefore 72% are positive. Abbott Laboratories had 105 analyst reports since July 24, 2015 according to SRatingsIntel. The stock has “Outperform” rating by Credit Suisse on Monday, August 10. On Tuesday, December 12 the stock rating was upgraded by BMO Capital Markets to “Outperform”. The stock of Abbott Laboratories (NYSE:ABT) earned “Buy” rating by Stifel Nicolaus on Thursday, October 19. On Thursday, January 25 the stock rating was maintained by Morgan Stanley with “Overweight”. The stock of Abbott Laboratories (NYSE:ABT) has “Market Perform” rating given on Tuesday, March 14 by BMO Capital Markets. As per Friday, January 29, the company rating was downgraded by William Blair. Jefferies maintained Abbott Laboratories (NYSE:ABT) rating on Wednesday, October 18. Jefferies has “Buy” rating and $65.0 target. The stock of Abbott Laboratories (NYSE:ABT) earned “Buy” rating by Stifel Nicolaus on Wednesday, January 24. The stock has “Buy” rating by Stifel Nicolaus on Thursday, July 23. The stock of Abbott Laboratories (NYSE:ABT) earned “Neutral” rating by Citigroup on Thursday, October 19.

Receive News & Ratings Via Email – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings with our daily email newsletter.

Related Posts:

  • No Related Posts

Cryptocurrency Technical Outlook: Bitcoin, Ether, Ripple and Litecoin

Despite a surge in broader market volatility, cryptocurrency have largely remained in consolidation this week with prices trading around key technical levels into the March open. Here are the levels to know in Bitcoin, Ethereum, Ripple and Litecoin as we await these pending range-breaks. Is the broader …

Despite a surge in broader market volatility, cryptocurrency have largely remained in consolidation this week with prices trading around key technical levels into the March open. Here are the levels to know in Bitcoin, Ethereum, Ripple and Litecoin as we await these pending range-breaks. Is the broader correction in the crypto-bloc over? The technicals suggest we should find out soon – we’re not out of the woods just yet.

Bitcoin Daily Price Chart

BTC/USD Price Chart - Daily Timeframe

Notes: Bitcoin prices closed February fractionally higher despite the early-month decline with the cryptocurrency trading with a well-defined range between the January lows at 9222 and 11160/71 where the December low converge on the 38.2% retracement of the decline off the record highs. The immediate focus heading into March trade is on a break of this range. Note that the RSI has continued to hold sub-60 after recovering from oversold conditions with the profile suggesting the risk remains weighted to the downside near-term.

Bottom Line: A breach above 12793 would be needed to mark resumption of the broader uptrend with such a scenario targeting a run on the 100% extension at 15119. A downside break risks a drop towards confluence support at 8159 with our broader bullish invalidation level steady at the 2018 low-day close at 7737. From a trading standpoint, I’ll favor buying a dip into structural support OR a break & retest of basic trendline resistance extending off the record highs.

New to Bitcoin Trading? Get started with this Free Beginners Guide

Bitcoin IG Client Positioning

Bitcoin IG Client Sentiment

  • A summary of IG Client Sentimentshows traders are net-long Bitcoin- the ratio stands at +2.49 (71.4% of traders are long) – bearishreading
  • Long positions are 0.6% lower than yesterday and 1.0% lower from last week
  • Short positions are 1.6% lower than yesterday and 12.5% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias from a sentiment standpoint.

Check out our New 2018 projectionsin our Free DailyFX Trading Forecasts

Ether Daily Price Chart

ETH/USD Price Chart - Daily Timeframe

Notes: Ethereum prices have continued to consolidate just below basic trendline resistance extending off the February highs. Key near-term support is eyed at 7670/83 where the yearly low-day close converges on the 50% retracement of the rally off the lows. A break below this threshold would risk a larger set-back towards 719 with our bullish invalidation level set to the lower parallel of the ascending pitchfork formation, currently ~650s.

Bottom line: Look for a break of this consolidation range with a breach above the 61.8% extension at 1044 needed to mark resumption of the broader uptrend. Such a scenario would look for an extension into confluence resistance at 1198-1208 backed by the record high-day close at 1399.

Why does the average trader lose? Avoid these Mistakes in your trading

Ripple Daily Price Chart

XRP/USD Price Chart - Daily Timeframe

Notes: I highlighted this setup in Ripple earlier this week and the focus remains on this consolidation just above confluence support at 8230. Look for a breakout of this range with our bullish invalidation level steady at the 2018 low-day close at 7600. A topside breach targets a rally towards the 100-day moving average at ~1.0750s backed key near-term confluence resistance at 1.2203– a close above this threshold is needed to mark resumption of the broader uptrend.

Bottom line: I’m on the lookout for a near-term exhaustion low on a downside break of this range with the decline to offer more favorable long-entries near structural support. It’s worth noting that given recent price action, a break below 7600 would likely see accelerated losses for the cryptocurrency with such a scenario risking a drop towards the 200-day moving average at ~6400.

Litecoin Daily Price Chart

LTC/USD Price Chart - Daily Timeframe

Notes: Litecoin remains in consolidaiton just above confluence support at ~200 where the 100-day moving average converges on the median-line of the ascending picthfork formation. A break below this region would risk a drop towards 176 and confluence support at 158/62 (61.8% retracement, February open and 61.8% slope line)- an area of interest for exhaustion / long-entries IF reached. Broader bullish invalidaiton stands with the 2018 low-day close at 131.

Bottome Line: Prices are apporaching the apex of this consolidation range and we’ll be looking for a break in the days ahead to offer guidance. A topside breach targets confluence resistance at 260 backed closely by 298 and the record high-day close at 352. From at trading standpoint I’ll be looking for possble break lower to offer more favorable long-entires near slope support OR a breach and retest of the Febraury trendline to validate the break higher.

— Written by Michael Boutros, Technical Currency Strategist with DailyFX

To receive Michael’s analysis directly, please subscribe to his email districution list

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

Related Posts:

Exchange operators want volatility, just not too much

March 2 (Reuters) – Wall Street analysts wasted no time in raising forecasts for exchange operators CME Group Inc and Nasdaq Inc after last month’s historic stock market volatility, but industry watchers warned the companies may suffer if the selloff becomes deeper and more prolonged. The stock …

March 2 (Reuters) – Wall Street analysts wasted no time in raising forecasts for exchange operators CME Group Inc and Nasdaq Inc after last month’s historic stock market volatility, but industry watchers warned the companies may suffer if the selloff becomes deeper and more prolonged.

The stock, currency and commodity trading platform providers who make more money the more times investors trade on their systems have been struggling for years with decreased volumes driven by persistently low volatility, which keeps traders out of markets.

When volatility rises, as it did in a U.S. stock market selloff at the start of February, it pulls up the return banks, brokers and investors make on individual transactions because the spreads between where they bought and sold in the market become wider.

“High volumes directly translates into revenue for exchange operators,” said Stephen Biggar, an analyst with Argus Research Corp, who raised his first-quarter earnings estimate for CME by 30 percent for the first quarter of 2018, attributing a third of that change to the selloff.

“Companies such as CME, (and other exchange operators) will definitely see some positive effects of the February volatility in their first quarter earnings.”

However, Biggar and others say that more prolonged periods of volatility tend in the end to hurt operators as skittish investors get scared out of the market where trades carry too much risk.

“When there is a protracted sell-off, there is a lot of fear about the future,” says Matthew Granski, an analyst with Miracle Mile Advisors based in Los Angeles, California.

“In 2008, there were many investors who thought that the market would never recover. When expectations are diminished, stocks suffer because investors think their future earnings will be lower.”

CME and Cboe trading volumes hit record highs of 1.35 million contracts and 10.47 million contracts, respectively, on Feb. 6 when Wall Street’s fear gauge – the CBOE VIX index surged to its highest since April 2015.

The Dow Jones Industrial Average index also recorded its highest trading volumes ever on the same day and CME said on Friday that February was its biggest ever month of trading with volumes reaching 27.3 million contracts – up from 19 million in January.

The comparison with 2008 is striking. At that time, volumes of equities trades doubled as the collapse of Lehman Brothers blew the starting whistle on a global market meltdown.

Volumes stayed high in October in that year, but thereafter fell back steadily and by August 2009 were lower than they had been a year earlier. (tmsnrt.rs/2F7jXlZ)

“For exchange operators, the higher volatility and trading volume in 2008 was beneficial for their current revenue stream,” Granski said.

“But investors are forward looking and thought that the market would not recover and that trading volumes would decline for good, therefore, lowering the future earnings expectations of exchange operators.”

Reporting By Aparajita Saxena in Bengaluru; Editing by PatrickGraham, Bernard Orr

Related Posts:

  • No Related Posts

Hansberger Growth Investors LP Has Lowered Nxp Semiconductors Nv (NXPI) Stake by $1.62 …

Hansberger Growth Investors Lp decreased its stake in Nxp Semiconductors Nv (NXPI) by 20.46% based on its latest 2017Q3 regulatory filing with the SEC. Hansberger Growth Investors Lp sold 14,361 shares as the company’s stock rose 5.22% with the market. The institutional investor held 55,832 …

March 2, 2018 – By Marguerite Chambers

King Luther Capital Management Corp increased its stake in Abbott Labs (ABT) by 1.7% based on its latest 2017Q3 regulatory filing with the SEC. King Luther Capital Management Corp bought 31,703 shares as the company’s stock declined 3.42% while stock markets rallied. The institutional investor held 1.90 million shares of the major pharmaceuticals company at the end of 2017Q3, valued at $101.19 million, up from 1.86 million at the end of the previous reported quarter. King Luther Capital Management Corp who had been investing in Abbott Labs for a number of months, seems to be bullish on the $102.84B market cap company. The stock increased 0.17% or $0.1 during the last trading session, reaching $58.89. About 3.76 million shares traded. Abbott Laboratories (NYSE:ABT) has risen 15.90% since March 2, 2017 and is uptrending. It has underperformed by 0.80% the S&P500.

Hansberger Growth Investors Lp decreased its stake in Nxp Semiconductors Nv (NXPI) by 20.46% based on its latest 2017Q3 regulatory filing with the SEC. Hansberger Growth Investors Lp sold 14,361 shares as the company’s stock rose 5.22% with the market. The institutional investor held 55,832 shares of the semiconductors company at the end of 2017Q3, valued at $6.31M, down from 70,193 at the end of the previous reported quarter. Hansberger Growth Investors Lp who had been investing in Nxp Semiconductors Nv for a number of months, seems to be less bullish one the $42.64B market cap company. The stock increased 0.26% or $0.315 during the last trading session, reaching $124.085. About 1.13 million shares traded. NXP Semiconductors N.V. (NASDAQ:NXPI) has risen 24.67% since March 2, 2017 and is uptrending. It has outperformed by 7.97% the S&P500.

Analysts await NXP Semiconductors N.V. (NASDAQ:NXPI) to report earnings on May, 2. They expect $1.44 earnings per share, down 11.11% or $0.18 from last year’s $1.62 per share. NXPI’s profit will be $494.85M for 21.54 P/E if the $1.44 EPS becomes a reality. After $3.06 actual earnings per share reported by NXP Semiconductors N.V. for the previous quarter, Wall Street now forecasts -52.94% negative EPS growth.

Among 28 analysts covering NXP Semiconductors NV (NASDAQ:NXPI), 8 have Buy rating, 1 Sell and 19 Hold. Therefore 29% are positive. NXP Semiconductors NV had 64 analyst reports since August 3, 2015 according to SRatingsIntel. SunTrust maintained the shares of NXPI in report on Wednesday, October 11 with “Hold” rating. Oppenheimer downgraded NXP Semiconductors N.V. (NASDAQ:NXPI) on Friday, October 28 to “Perform” rating. Stifel Nicolaus maintained NXP Semiconductors N.V. (NASDAQ:NXPI) rating on Friday, September 1. Stifel Nicolaus has “Hold” rating and $110.0 target. The firm has “Hold” rating given on Wednesday, February 7 by Oppenheimer. The rating was maintained by Mizuho with “Hold” on Wednesday, May 31. As per Tuesday, September 1, the company rating was maintained by SunTrust. Nomura initiated the shares of NXPI in report on Monday, April 11 with “Buy” rating. Stifel Nicolaus maintained the shares of NXPI in report on Friday, November 3 with “Hold” rating. The firm earned “Buy” rating on Friday, February 5 by Topeka Capital Markets. Suntrust Robinson downgraded the stock to “Hold” rating in Friday, October 28 report.

Among 25 analysts covering Abbott Laboratories (NYSE:ABT), 18 have Buy rating, 0 Sell and 7 Hold. Therefore 72% are positive. Abbott Laboratories had 105 analyst reports since July 24, 2015 according to SRatingsIntel. The stock of Abbott Laboratories (NYSE:ABT) has “Hold” rating given on Monday, July 10 by BMO Capital Markets. Barclays Capital upgraded the shares of ABT in report on Wednesday, October 7 to “Overweight” rating. Morgan Stanley maintained the stock with “Equal-Weight” rating in Thursday, October 19 report. The rating was maintained by Jefferies with “Buy” on Tuesday, March 15. JP Morgan maintained the stock with “Overweight” rating in Thursday, January 25 report. The firm has “Buy” rating by Argus Research given on Friday, February 5. Jefferies upgraded the stock to “Buy” rating in Monday, December 7 report. The firm earned “Buy” rating on Wednesday, June 21 by BTIG Research. The company was maintained on Thursday, October 19 by Stifel Nicolaus. The company was maintained on Thursday, July 20 by BMO Capital Markets.

Investors sentiment decreased to 0.87 in Q3 2017. Its down 0.01, from 0.88 in 2017Q2. It fall, as 47 investors sold ABT shares while 563 reduced holdings. 111 funds opened positions while 421 raised stakes. 1.21 billion shares or 0.79% less from 1.22 billion shares in 2017Q2 were reported. 4,691 were accumulated by Avalon Advisors Limited. Albion Fin Grp Ut owns 0.04% invested in Abbott Laboratories (NYSE:ABT) for 4,335 shares. Blb&B Advsr Ltd holds 73,447 shares or 0.6% of its portfolio. Investors Asset Management Of Georgia Ga Adv reported 4,714 shares or 0.19% of all its holdings. Welch Grp Lc invested in 0.15% or 16,282 shares. Moreover, Citadel Advsrs Ltd has 0.17% invested in Abbott Laboratories (NYSE:ABT) for 4.16M shares. Adell Harriman Carpenter Incorporated has invested 0.08% in Abbott Laboratories (NYSE:ABT). Weiss Multi invested in 25,000 shares. Lenox Wealth Mngmt has 0.01% invested in Abbott Laboratories (NYSE:ABT). 8,915 were accumulated by Altfest L J And. Provise Management Group Inc Ltd Liability Com has 23,607 shares for 0.18% of their portfolio. Maple Cap Mngmt Inc, a Vermont-based fund reported 186,386 shares. Argi Svcs Ltd Liability Com holds 0.04% or 9,839 shares in its portfolio. Bancorp holds 8,663 shares or 0.14% of its portfolio. Lipe Dalton reported 0.07% in Abbott Laboratories (NYSE:ABT).

King Luther Capital Management Corp, which manages about $16.93B and $11.42 billion US Long portfolio, decreased its stake in Euronet Worldwide Inc (NASDAQ:EEFT) by 8,785 shares to 59,985 shares, valued at $5.69 million in 2017Q3, according to the filing. It also reduced its holding in Dentsply Sirona Inc by 29,094 shares in the quarter, leaving it with 172,330 shares, and cut its stake in Cadence Bancorporation.

Since September 22, 2017, it had 1 buying transaction, and 10 selling transactions for $32.69 million activity. Watkin Jared sold $17,609 worth of Abbott Laboratories (NYSE:ABT) on Friday, February 16. Salvadori Daniel Gesua Sive also sold $1.56M worth of Abbott Laboratories (NYSE:ABT) on Thursday, December 14. On Friday, February 16 PEDERSON MICHAEL J sold $27,213 worth of Abbott Laboratories (NYSE:ABT) or 459 shares. Ford Robert B sold $2.69 million worth of stock. The insider Fussell Stephen R sold $14.27M. STARKS DANIEL J bought $2.43 million worth of Abbott Laboratories (NYSE:ABT) on Tuesday, February 27.

Receive News & Ratings Via Email – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings with our FREE daily email newsletter.

Related Posts:

  • No Related Posts

BlackRock may make index funds omitting gun makers, sellers

BlackRock Inc., the world’s largest asset manager, said it’s exploring ideas for new funds, including index-based portfolios, that exclude gun makers and retailers. BlackRock is also working with clients that want to change or eliminate exposure to firearms, according to a document posted Friday on the …

BlackRock Inc., the world’s largest asset manager, said it’s exploring ideas for new funds, including index-based portfolios, that exclude gun makers and retailers.

The firm, which manages more than $6 trillion in assets, is also working with clients that want to change or eliminate exposure to firearms, according to a document posted Friday on the company’s website.

Read more: Gun-free ETFs are everywhere but no one seems interested

Story continues below advertisement

The response by BlackRock comes in the wake of a tragedy where 17 people were shot dead at a Florida high school. The shooting has reignited the debate around gun control and background checks to prevent future tragedies. It has also emboldened consumers to demand that companies end their relationship with the firearms industry and the National Rifle Association.

New York-based BlackRock said on Friday that it opened discussions with gun makers and retailers to engage them on questions including the steps they take to support safe and responsible use of such products.

Among the questions the firm said it’s asking gun companies:

* What strategies do you employ to monitor how your products are being sold?

* Are you investing in research for gun safety, such as effective trigger locking technology?

BlackRock said retailers are being asked:

* What are your policies and practices for determining to whom you will sell firearms? Do you set age limits? Do you require background checks?

Story continues below advertisement

Story continues below advertisement

* What other strategies do you employ to prevent the potential misuse of firearms you sell?

Under Larry Fink, BlackRock’s chief executive, the firm has taken steps to try to engage more on other social issues, including pushing for companies to add more women to their boards. Last year it backed a shareholder proposal at Hudson Pacific Properties Inc., siding against management on a measure to add women and minorities to its all-male board.

BlackRock said on Friday it doesn’t hold three gun makers — American Outdoor Brands Corp., Vista Outdoor Inc. and Sturm Ruger & Co. — in its active equity portfolios. The company said the three companies make up 0.01 percent of its index equity products.

Client Talks

Since companies in an index are determined by third-party index providers “we are unable to sell those shares regardless of our view on the company,” BlackRock said. To address that it has begun offering clients products that exclude firearms makers, such as its socially-responsible exchange-traded fund.

“Over the past two weeks, we have reached out to our clients to help them understand their exposure to civilian firearms companies,” BlackRock said.

Story continues below advertisement

Dick’s Sporting Goods Inc., the biggest sporting-goods retailer in the U.S., said it was immediately ending sales of assault-style rifles. Wal-Mart Inc. followed with a pledge to require buyers of firearms and ammunition to be 21 years old. Delta Air Lines Inc. said it’s studying whether to end discounts for “politically divisive” organizations.

Among asset managers, State Street Corp., which is among the largest providers of ETFs, said it also plans to engage with weapons manufacturers.

Related Posts:

  • No Related Posts