Sharechat Logo

BlackRock brings Fletcher Building stake back above substantial shareholder mark

Thursday 14th January 2016

Text too small?

BlackRock, the world’s largest investment manager, has tweaked its stake in Fletcher Building back above the 5 percent substantial shareholder mark again.

The US headquartered fund manager first became a substantial shareholder in the Auckland-based construction and building supplies firm through various related companies in March last year. It had built up the stake from November 2014, including purchases at between $8.04 and $8.97 per share.

Its latest move lifted its shareholding to 5 percent after a number of trades over the past two weeks see-sawed to just below and just above the substantial shareholding mark, according to notices lodged with the NZX. 

Shares in Fletcher Building are currently trading at $6.74, down 0.9 percent today, and have dropped 7.5 percent so far this year. A consensus of analysts on Reuters rate the stock a 'hold' with a median price target of  $8.30.  

The construction company reported a 20 percent slide in annual profit in August to $270 million while operating earnings rose 5 percent to $653 million, the lower end of its guidance. At its November annual meeting Fletcher’s board forecast operating earnings for the 2016 financial year in the range of $650 million to $690 million, the same as its previous year forecast.

Meantime, New York-listed BlackRock’s Australian subsidiary lowered its stake in casino and hotel operator SkyCity Entertainment Group from 7 percent to 6 percent late last month.

The investment manager also reduced its substantial shareholding in Sky Network Television from 5.4 percent to just under 5 percent in August last year. Its other Kiwi holdings include a 6.3 percent stake in telco Spark New Zealand and 5 percent of mining company OceanaGold Corp.

BlackRock was founded in 1988 by a group of Wall St bankers including current chairman and chief executive Larry Fink. It has US$4.5 trillion of assets under management.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report