Carnegie Investment Counsel lessened its position in Blackstone Inc. (NYSE:BX – Free Report) by 31.6% during the first quarter, Holdings Channel reports. The fund owned 28,834 shares of the asset manager’s stock after selling 13,351 shares during the period. Carnegie Investment Counsel’s holdings in Blackstone were worth $3,316,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. Family CFO Inc purchased a new position in shares of Blackstone during the 4th quarter valued at about $28,000. Ares Financial Consulting LLC bought a new position in Blackstone during the fourth quarter valued at approximately $28,000. Richardson Financial Services Inc. purchased a new position in shares of Blackstone during the fourth quarter worth approximately $29,000. Strive Asset Management LLC purchased a new stake in shares of Blackstone in the 3rd quarter valued at $30,000. Finally, Palladiem LLC bought a new position in shares of Blackstone during the 4th quarter valued at $31,000. 70.00% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have weighed in on the stock. Citizens Jmp lowered their price target on shares of Blackstone from $190.00 to $165.00 and set a “market outperform” rating for the company in a research note on Thursday. Sanford C. Bernstein began coverage on Blackstone in a report on Monday, June 8th. They issued an “outperform” rating on the stock. Evercore restated an “outperform” rating and set a $150.00 target price on shares of Blackstone in a report on Tuesday, April 21st. Barclays decreased their price target on Blackstone from $124.00 to $119.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Oppenheimer increased their price objective on Blackstone from $154.00 to $156.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Thirteen research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Blackstone has an average rating of “Moderate Buy” and an average target price of $147.10.
Trending Headlines about Blackstone
Here are the key news stories impacting Blackstone this week:
- Positive Sentiment: Citizens JMP lifted its price target on Blackstone to $165 from $190 and kept an “outperform” view, signaling confidence that the shares still have meaningful upside from current levels. Blackstone (NYSE:BX) Given New $165.00 Price Target at Citizens Jmp
- Positive Sentiment: Blackstone and TPG are reportedly seeking more than $4 billion for Hologic’s surgical unit, underscoring continued private-equity dealmaking activity and potential value creation from large asset sales or acquisitions. Blackstone, TPG seek over $4 billion for Hologic’s surgical unit, FT says
- Positive Sentiment: Reports that Barclays is preparing roughly $875 million of debt financing tied to a Blackstone takeover highlight active transaction flow that can support fees and investment returns for the firm. Market Chatter: Barclays Readies $875 Million Debt Sale for Blackstone’s Senior Takeover
- Neutral Sentiment: Barclays cut Blackstone’s price target to $119 from $124 and kept an “equal weight” rating, reflecting a more cautious near-term view even as the target remains close to the current share price. Blackstone (NYSE:BX) Price Target Lowered to $119.00 at Barclays
- Neutral Sentiment: A separate report said Apollo and Blackstone helped turn Broadcom’s and Anthropic’s AI chip financing into debt for other investors, which is notable but not directly a clear positive or negative catalyst for BX shares. Apollo and Blackstone just turned Broadcom, Anthropic’s AI chip bet into somebody else’s debt
Insider Buying and Selling at Blackstone
In related news, insider Vikrant Sawhney sold 30,014 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the transaction, the insider owned 899,669 shares in the company, valued at $113,169,363.51. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the completion of the sale, the insider owned 19,374 shares of the company’s stock, valued at $73,233.72. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders bought 10,252,345 shares of company stock worth $209,789,893. 1.00% of the stock is owned by corporate insiders.
Blackstone Stock Performance
Blackstone stock opened at $122.97 on Monday. Blackstone Inc. has a 1-year low of $101.73 and a 1-year high of $190.09. The firm has a market cap of $91.35 billion, a P/E ratio of 31.45, a P/E/G ratio of 1.34 and a beta of 1.58. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average of $119.72 and a 200-day moving average of $126.75.
Blackstone (NYSE:BX – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. The business had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.Blackstone’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.11 EPS. Sell-side analysts expect that Blackstone Inc. will post 5.9 EPS for the current year.
Blackstone Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Monday, May 4th were issued a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 annualized dividend and a yield of 3.8%. Blackstone’s payout ratio is 118.67%.
About Blackstone
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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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Inc. (NYSE:BX – Free Report).
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