Blackstone Inc. (NYSE:BX – Get Free Report) major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average cost of $26.14 per share, with a total value of $20,000,001.54. Following the completion of the purchase, the insider directly owned 7,882,145 shares of the company’s stock, valued at $206,039,270.30. This trade represents a 10.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Blackstone Trading Down 6.0%
Shares of BX traded down $7.17 during midday trading on Wednesday, hitting $112.90. The stock had a trading volume of 7,756,436 shares, compared to its average volume of 7,085,667. The firm has a market cap of $83.87 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 1.34 and a beta of 1.59. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The stock’s 50 day moving average is $121.33 and its 200 day moving average is $129.86. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76.
Blackstone (NYSE:BX – Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.11 EPS. As a group, analysts forecast that Blackstone Inc. will post 5.9 EPS for the current fiscal year.
Blackstone Cuts Dividend
Institutional Investors Weigh In On Blackstone
A number of large investors have recently made changes to their positions in BX. Norges Bank purchased a new position in Blackstone in the fourth quarter valued at $1,275,747,000. Capital Research Global Investors raised its holdings in Blackstone by 99.2% in the 4th quarter. Capital Research Global Investors now owns 6,381,767 shares of the asset manager’s stock worth $983,690,000 after purchasing an additional 3,178,133 shares during the period. Renaissance Technologies LLC acquired a new stake in Blackstone in the first quarter valued at approximately $164,597,000. Amundi lifted its position in shares of Blackstone by 85.6% during the 4th quarter. Amundi now owns 2,709,345 shares of the asset manager’s stock valued at $417,620,000 after buying an additional 1,249,269 shares in the last quarter. Finally, Close Asset Management Ltd raised its position in Blackstone by 16,035.1% during the third quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager’s stock worth $194,746,000 after acquiring an additional 1,133,197 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on BX. HSBC reduced their price objective on shares of Blackstone from $164.00 to $131.00 and set a “hold” rating for the company in a research note on Friday, April 10th. Oppenheimer boosted their price target on Blackstone from $154.00 to $156.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Zacks Research raised Blackstone from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. The Goldman Sachs Group reduced their target price on shares of Blackstone from $118.00 to $116.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Finally, Citizens Jmp lowered their price target on shares of Blackstone from $195.00 to $190.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $150.86.
Get Our Latest Research Report on BX
Blackstone Company Profile
Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.
Blackstone’s business is organized around several principal investment platforms.
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