Mathes Company Inc. Purchases New Position in Blackstone Inc. (NYSE:BX)

Mathes Company Inc. acquired a new stake in Blackstone Inc. (NYSE:BX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 5,148 shares of the asset manager’s stock, valued at approximately $637,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BX. Wulff Hansen & CO. increased its stake in shares of Blackstone by 12,192.7% during the second quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock worth $908,797,000 after purchasing an additional 7,281,128 shares in the last quarter. Capital World Investors boosted its holdings in Blackstone by 7.5% in the 1st quarter. Capital World Investors now owns 36,285,872 shares of the asset manager’s stock worth $4,766,875,000 after buying an additional 2,546,886 shares during the last quarter. Lone Pine Capital LLC acquired a new position in shares of Blackstone during the fourth quarter valued at approximately $290,514,000. Lazard Asset Management LLC boosted its stake in shares of Blackstone by 19,048.1% in the first quarter. Lazard Asset Management LLC now owns 1,883,409 shares of the asset manager’s stock worth $247,423,000 after acquiring an additional 1,873,573 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Blackstone by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 64,262,972 shares of the asset manager’s stock valued at $8,442,227,000 after purchasing an additional 1,290,324 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BX shares. Bank of America increased their target price on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Piper Sandler raised their target price on shares of Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Morgan Stanley increased their price target on Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, TD Cowen lifted their price target on Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Fourteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $130.78.

Insider Activity

In other Blackstone news, insider John G. Finley sold 35,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the sale, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the sale, the director now directly owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John G. Finley sold 35,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Blackstone Stock Down 0.1 %

Shares of NYSE BX opened at $154.93 on Thursday. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $157.76. The business’s 50 day moving average is $138.34 and its two-hundred day moving average is $128.90. The firm has a market cap of $110.72 billion, a price-to-earnings ratio of 54.75, a PEG ratio of 1.23 and a beta of 1.51. 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 (NYSE:BX) last posted 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 for the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. Blackstone’s revenue was up 166.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 EPS. Research analysts predict that Blackstone Inc. will post 4.57 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were paid a $0.82 dividend. The ex-dividend date was Monday, July 29th. This represents a $3.28 annualized dividend and a dividend yield of 2.12%. Blackstone’s dividend payout ratio (DPR) is 115.90%.

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.