Stonegate Investment Group LLC Reduces Stock Holdings in Blackstone Inc. (NYSE:BX)

Stonegate Investment Group LLC trimmed its holdings in Blackstone Inc. (NYSE:BX) by 1.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 19,858 shares of the asset manager’s stock after selling 226 shares during the quarter. Stonegate Investment Group LLC’s holdings in Blackstone were worth $3,041,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in BX. M3 Advisory Group LLC lifted its position in Blackstone by 2.4% during the third quarter. M3 Advisory Group LLC now owns 5,996 shares of the asset manager’s stock valued at $918,000 after purchasing an additional 143 shares during the last quarter. BCS Wealth Management purchased a new position in Blackstone in the third quarter worth about $225,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Blackstone by 2.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 75,267 shares of the asset manager’s stock valued at $11,526,000 after purchasing an additional 1,468 shares during the period. Trust Co. of Vermont boosted its holdings in shares of Blackstone by 3.1% in the 3rd quarter. Trust Co. of Vermont now owns 2,240 shares of the asset manager’s stock worth $343,000 after purchasing an additional 67 shares during the period. Finally, Riversedge Advisors LLC purchased a new stake in Blackstone during the 3rd quarter valued at $212,000. 70.00% of the stock is owned by institutional investors.

Blackstone Stock Performance

Shares of Blackstone stock traded up $3.41 during midday trading on Friday, hitting $173.14. The company had a trading volume of 1,279,605 shares, compared to its average volume of 3,429,596. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 12-month low of $88.59 and a 12-month high of $173.31. The stock has a market cap of $123.73 billion, a price-to-earnings ratio of 61.18, a PEG ratio of 1.24 and a beta of 1.51. The company has a fifty day simple moving average of $146.19 and a 200 day simple moving average of $132.93.

Blackstone (NYSE:BX) last released its earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.03). The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. Blackstone’s revenue was up 166.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.93 earnings per share. As a group, analysts predict that Blackstone Inc. will post 4.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on BX shares. Redburn Atlantic started coverage on Blackstone in a research report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 target price for the company. The Goldman Sachs Group boosted their price objective on shares of Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday. Morgan Stanley lifted their price target on shares of Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Piper Sandler cut Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price objective on the stock. in a research note on Wednesday, October 9th. Finally, BMO Capital Markets upped their target price on Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a report on Friday. Twelve research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $142.53.

Insider Activity at Blackstone

In other news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the sale, the insider now directly owns 429,386 shares of the company’s stock, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the transaction, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total value of $17,561,522.88. Following the completion of the transaction, the director now owns 799,749 shares in the company, valued at approximately $120,610,146.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

About Blackstone

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.