Sterling Capital Management LLC reduced its stake in shares of Blackstone Inc. (NYSE:BX – Free Report) by 40.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 18,341 shares of the asset manager’s stock after selling 12,710 shares during the quarter. Sterling Capital Management LLC’s holdings in Blackstone were worth $2,109,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in BX. Strive Asset Management LLC acquired a new stake in Blackstone in the 3rd quarter worth approximately $30,000. Family CFO Inc bought a new position in shares of Blackstone in the fourth quarter valued at approximately $28,000. Ares Financial Consulting LLC bought a new stake in shares of Blackstone during the 4th quarter worth $28,000. Richardson Financial Services Inc. acquired a new position in Blackstone in the 4th quarter valued at $29,000. Finally, Kelleher Financial Advisors acquired a new position in Blackstone during the 3rd quarter worth $34,000. Institutional investors and hedge funds own 70.00% of the company’s stock.
Blackstone Stock Up 0.2%
NYSE BX opened at $115.66 on Monday. 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 company has a market capitalization of $85.92 billion, a price-to-earnings ratio of 29.58, a PEG ratio of 1.25 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 $120.62 and its two-hundred day moving average is $129.07.
Blackstone Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a yield of 4.0%. Blackstone’s payout ratio is 118.67%.
Wall Street Analyst Weigh In
Several analysts recently weighed in on the company. Evercore restated an “outperform” rating and set a $150.00 target price on shares of Blackstone in a research note on Tuesday, April 21st. The Goldman Sachs Group reduced their price objective on Blackstone from $118.00 to $116.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. Weiss Ratings lowered shares of Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Rothschild & Co Redburn cut their price objective on shares of Blackstone from $134.00 to $130.00 and set a “neutral” rating for the company in a research report on Tuesday, June 9th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Blackstone in a research report on Monday, June 8th. They issued a “buy” rating for the company. Thirteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and an average target price of $150.86.
View Our Latest Stock Report on Blackstone
Insider Activity
In related news, insider Vikrant Sawhney sold 30,014 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $125.79, for a total transaction of $3,775,461.06. Following the completion of the sale, the insider directly owned 899,669 shares of the company’s stock, valued at $113,169,363.51. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider owned 19,374 shares of the company’s stock, valued at approximately $73,233.72. The trade was a 99.74% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders purchased 10,252,345 shares of company stock valued at $209,789,893. Corporate insiders own 1.00% of the company’s stock.
Blackstone 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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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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